Reference no: EM132805585
On January 2, 2020, ABC Inc., acquired building for $100,000 from a company based in Australia. The building estimated useful life is 10 years. Peter Senen Inc. uses the straight line method of depreciation and revaluation model. On December 31, 2020, the building revaluation amount was determined at net appraised value of $120,000.
The relevant exchange rates are as follows:
January 1, 2020 $1=P30
December 31, 2020 $1=P32
Problem 1: How much is the gain or loss to be presented in the financial statement on December 31, 2020?
Group of answer choices
Option 1: P200,000 Forex gain
Option 2: P200,000 Revaluation surplus-OCI
Option 3: P1,140,000 Revaluation surplus-OCI
Option 4: P40,000 Forex gain
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