Reference no: EM132955472
Assume the following data:
COST REPLACEMENT COST
Equipment P6,500,000 P9,200,000
Residual Value 500,000 200,000
Useful Life 12
Age of the equipment 2
Accumulated Depreciation ? ?
REQUIRED
Problem a) Prepare the entry for the revaluation.
Problem b) Prepare the entry for subsequent depreciation.
Problem c) Prepare the entry for piecemeal realization of Revaluation Surplus.
Problem d) If the equipment was sold for P8,000,000 one year after revaluation, what is the entry to record the sale of the asset?
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