Reference no: EM132856851
On January 1, 2018, Karen Company revalued its equipment with a cost of Php 12,000,000 acquired 4 years ago with an estimated useful life of 20 years and has been estimated to have a replacement cost of Php 14,000,000. The equipment is estimated to have a remaining useful life of 25 years as of January 1,2018. On January 2, 2020, the equipment was sold at a net proceeds of Php 10,000,000.
Required: Based on the above facts, answer the following:
Problem 1. How much is the revaluation surplus on January 1, 2018?
Problem 2. How much is the depreciation expense in 2018?
Problem 3. How much is the revaluation surplus at the end of 2018?
Problem 4. How much is the gain (loss) on sale on 2020?
Problem 5. How much is the total revaluation surplus to be closed to retained earnings in 2020?
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