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Determine amount credited to revaluation surplus on January

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Reference no: EM132738932

Question - On January 1, 2012, Baelfire Company acquired a building at cost of P4,800,000. The building has been depreciated on the basis of a 20-year life. On January 1, 2016, an appraisal of the building showed its fair value (market-based) at P4,588,000 with no change in useful life.

Required -

1. Determine the amount credited to revaluation surplus on January 1, 2016?

2. Determine the depreciation for 2016?

3. Determine the revaluation surplus shown in the December 31, 2016 statement of financial position?

Reference no: EM132738932

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