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What is revaluation surplus before income tax on december

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Reference no: EM133002501

Green Corporation paid P6,000,000 for a new building on Jan. 1, 2016. Depreciation was calculated on a straight-line basis at 4% per year. The building was revalued on Jan. 1, 2021, at a fair value of P8,500,000.

Problem 1: For 2021, how much is the depreciation?

Problem 2: What is the revaluation surplus before income tax on Dec. 31, 2021?

Reference no: EM133002501

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