What is the revaluation surplus that should be reported

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Question - On January 1, 20x1, ABC Company acquired a building at accost of P5,000,000. The building has been depreciated on the basis of 20-year life. On January 1, 20x6, an appraisal of the building showed replacement cost at P8,000,000 with no change in useful life.

What is the revaluation surplus that should be reported in the December 31, 20x6 statement of financial position?

What is the depreciation for 20x6?

Before income tax, what amount should be credited to revaluation surplus on January 1, 20x6?

Reference no: EM132707494

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