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Question - A building acquired 15 years ago for P8,000,000 is currently estimated to have a replacement cost of P12,000,000, effective life of 10 years and a remaining economic life of 30 years. The building was originally depreciated on a straight-line basis over a useful life of 25 years.
A patio was added to the building 10 years ago for a total cost of P3,000,000. The addition was originally estimated to have a useful life 20 years. The patio is currently estimated to have a replacement cost of P4,200,000, an effective life of 10 years and a remaining economic life of 15 years. The entity is subject to an income tax rate of 30%. How much is the total revaluation surplus recognized on the revaluation date?
a. 4,774,000
b. 2,986,000
c. 4,012,000
d. 3,874,000
List a few of the issues and considerations businesses should have when it comes to the selection of long-term investments and how those issues impact the various financial statements.
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