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What is the journal entry on Jan

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Question - On Jan. 1, 2020, GHI Corporation acquired a P2,000,000 equipment which it accounts under the revaluation model. It can be used in the production line for 10 years. After use, it can be sold for P250,000. On Jan. 1, 2023, GHI is revaluing the asset. It has a sound value of P2,250,000 and a revised residual value of P500,000.

If GHI uses the proportional method, what is the journal entry on Jan. 1, 2023 to record the revaluation? How much is the revaluation surplus to be recognized?

Reference no: EM132958957

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