Reference no: EM133160630
Question - On December 31, 2019, Blackpink Incorporated purchase a trademark. Data pertinent to the trademark 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, 2022, the asset is found to have a recoverable amount of P1,400,000. How much is the revaluation surplus to be recognized in 2022?