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What amount credited to revaluation surplus before income

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Reference no: EM133002481

Red Corporation purchased a building for P5,000,000 on Jan. 1, 2016. The structure has been depreciated based on its 20-year life. An assessment of the building on Jan. 1, 2021, revealed a P9,000,000 replacement cost with no change in usable life.

Problem 1: On Jan. 1, 2021, what amount, before income, tax, must be credited to the revaluation surplus?

Problem 2: For 2021, depreciation is?

Problem 3: In the Dec. 31, 2021 Balance Sheet, the revaluation surplus that must be reported is?

Reference no: EM133002481

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