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What is the balance of revaluation surplus as of december

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Question 1. What is the carrying value of the equipment on December 31, 2018 after revaluation?

Question 2. What is the balance of revaluation surplus on December 31, 2018 after revaluation?

Question 3. How much is the depreciation expense for 2019?

Question 4. What is the carrying value of the equipment on December 31, 2019?

Question 5. Assuming the company uses the piecemeal method of transferring revaluation surplus to retained earnings, what is the balance of revaluation surplus as of December 31, 2019?

Question 6. Suppose that the entity sold the PPE on July 1, 2020 for P19,000,000, how much is the gain or loss on disposal?

Question 7. In relation to requirement no. 6, how much revaluation surplus is transferred to retained earnings on a lump-sum basis?

Reference no: EM132512984

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