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What is the revaluation surplus to be initially recognized

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Question - On January 1, 2014, WITCH Inc. acquired a machinery with a cost of P600,000 and residual value of P100,000. The estimated useful life of the machinery is 5 years. It is the company's policy to use revaluation model for the machinery. On December 31, 2014, the replacement cost of the is P900,000 while the revised useful life from the start is 11 years with no change in residual value. What is the revaluation surplus to be initially recognized by WITCH Inc. on December 31, 2014?

Reference no: EM132911674

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