Reference no: EM132972041
Question - On January 1, 2012, Easy Company acquired an equipment for P8,000,000. The equipment is depreciated using straight line method based on a useful life of 8 years with no residual value. On January 1, 2015, after 3 years, the equipment was revalued at a replacement cost of P12,000,000 with no change in the useful life. The pretax accounting income before depreciation for 2015 is P10,000,000. The income tax rate is 30% and there are no other temporary differences at the beginning of the year.
Required -
What is the deferred tax liability on January 1, 2015 arising from the revaluation?
What is the current tax expense for the current year?
What is the deferred tax liability on December 31, 2015 arising from revaluation?
What is the total tax expense for the current year?
What is the revaluation surplus on December 31, 2015?
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