Reference no: EM132683171
On January 1, 2019, the revaluation of Cooper Company shows the following : Machinery, cost P15,000,000; 10-year life, 4 years expired; Sound value P14,400,000. On December 31, 2021, 3 years after the revaluation, an impairment of the machinery is indicated and the recoverable amount (fair value) is P3,150,000. In 2022, there is a reversal of impairment related to the machinery. On December 31, 2022, the recoverable amount (fair value) is P3,600,000.
Question 1. What is the piecemeal realization of revaluation surplus on December 31, 2019?
Question 2. In recording the impairment loss on 12/31/21, what amount is debited to revaluation surplus?
Question 3. In recording the impairment loss on 12/31/21, what amount is debited to Impairment loss?
Question 4. What is the depreciation expense in 2022?
Question 5. In recording the reversal of impairment on 12/31/22, what amount is credited to Revaluation surplus?
Question 6. In recording the reversal of impairment on 12/31/22, what amount, if any, is credited to Gain on reversal of impairment?
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