Solution-Prepare the entry to record the revaluation

Prepare the entry to record the revaluation

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Reference no: EM132956045

Question - Assume the following data:

Building, at original cost P 800,000

Building, at replacement cost 1,600,000

Accumulated depreciation - cost 20-year life; 10 years expired 400,000

Required -

a. Prepare the entry to record the revaluation.

b. Prepare the entry to record the subsequent annual depreciation.

c. Prepare the entry to record the piecemeal realization of the revaluation surplus.

d. Prepare the entry to record the sale of the asset for P600,000 two years after appraisal.

Reference no: EM132956045

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Prepare the entry to record the revaluation

Reference no: EM132956045

Reference no: EM132956045

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