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How much is the revaluation loss to be recorded under profit

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Question - Katrina Corp. purchased a machinery on January 1, 2015 at a cost of P1,000,000. It is being depreciated using the straight-line method over its projected useful life of 10 years.

At December 31, 2016, the asset's fair value was P1,200,000. The entity accounts for its machineries under the revaluation model, and an entry was made on that date to recognize the revaluation write-up accordingly.

On December 31, 2018, a revaluation was made again wherein the sound value of the asset is determined to be P570,000.

On December 31, 2018, how much is the revaluation loss to be recorded under profit/loss?

A. 30,000

B. 330,000

C. 70,000

D. Zero

Reference no: EM132896937

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