Solution-Compute the revaluation surplus as of December

Compute the revaluation surplus as of December

Reference no: EM132706344

Question - Tyke Corporation has the following information on January 1, 2016 relating to its land and building.

Land P20,000,000

Building 450,000,000

Accumulated depreciation 75,000,000

There were no additions or disposals during 2016, Depreciation is computed using straight-line method over 15 years for building. On June 30, 2016, the land and building were revalued as follows:

	Replacement Cost	Depreciated Replacement Cost
Land	P35,000,000	P35,000,00
Building	600,000,000	480,000

Required -

1. Compute the depreciation expense for the year 2016?

2. Compute the revaluation surplus as of December 31, 2016?

Reference no: EM132706344

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Compute the revaluation surplus as of December

Reference no: EM132706344

Reference no: EM132706344

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