Reference no: EM132754921
On January 1, 2020, Contentiuos Company provided the following information related to the land and building:
Land 50,000,000
Building 450,000,000
Accumulated depreciation-building 75,000,000
There were no additions or disposals during the current year. Depreciation is computed using straight line over 15 years for building.
On June 30, 2020 the land and building were revalued.
Replacement Cost Sound value
Land 65,000,000 65,000,000
Building 600,000,000 480,000,000
Problem 1: What is the revaluation surplus on June 30, 2020?
Problem 2: What is the depreciation of the building for 2020?
Problem 3: What is the revaluation surplus on December 31, 2020?
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