Find the revaluation surplus in the equity section

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Question - Light Company bought a machine for P300, 000 on January 1, 20x8. The machine's useful life is 10 years and it is estimated to have a zero residual value and is depreciated using the straight line method.

The revalued amount of the machine is as follows:

December 31 Fair value of the machine

20x8 P360,000

20x9 P335,000

20x10 P320,000

The enacted tax rate was 30% of each year

Find the revaluation surplus in the equity section of Light Company's December 31, 2x10 statement of financial position?

a. 109,500

b. 110,000

c. 77,000

d. 123,443

e. Answer not given

Reference no: EM132567774

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