Reference no: EM132951926
Question - On December 31, 2019, Yikes Company subjected to impairment test its trademark. Data pertinent to the equipment as of December 31, 2019 follow:
Original Cost - P2,400,000
Adjusted accumulated depreciation - 600,000
Original Useful life- 8 years
Selling price - 1,400,000
Estimated cost to make the sale - 200,000
Value in use - 1,100,000
Remaining useful life - 6 years
Method of depreciation - straight-line
On December 31, 2021, the asset is found to have a recoverable amount of P1,400,000. How much is the revaluation surplus to be recognized by 2021?
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