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What is the revaluation surplus on january

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Reference no: EM132592947

On January 1, 2019, ABC Company reported the following account balances relating to property, plant and equipment:

Land 2,000,000

Building 15,000,000

Accumulated depreciation 3,750,000

Machinery 3,000,000

Accumulated depreciation 1,500,000

Assets have been carried at cost since acquisition. All assets were acquired on January 1, 2009. The straight line method is used. On January 1, 2019, the entity decided to revalue the property, plant and equipment.

On such date, competent appraisers submitted the following :

Replacement cost

Land 2,000,000

Building 15,000,000

Machinery 3,000,000

Question 1. What is the revaluation surplus on January 1, 2019?

A. 15,000,000

B. 11,500,000

C. 30,000,000

D. 8,500,000

Question 2. What is the depreciation for the current year?

A. 531,250

B. 875,000

C. 525,000

D. 625,000

Question 3. What is the revaluation surplus on December 31, 2019?

A. 11,075,000

B. 11,150,000

C. 11,050,000

D. 10,850,000

Reference no: EM132592947

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