Reference no: EM133036684
Question - London Company owned a building on January 1, 2015 with historical cost of P40,000,000. The property is depreciated over 40 years on a straight-line basis with no residual value. The entity adopted a policy of revaluation of property. The building has so far been revalued twice at fair value as follows:
January 1, 2016 46,800,000
January 1, 2018 55,500,000
Required -
1. Before income tax, what is the revaluation surplus on January 1, 2016?
2. What is the increase in revaluation surplus to be recognized as component of other comprehensive income on January 1, 2018?
3. What is the revaluation surplus to be reported in the statement of changes in equity for the year ended December 31, 2018?
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