What is the revaluation surplus to be reported in statement

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Reference no: EM132728531

Ms.abby inc ownef a building on jan 1 2017 with historical cost of 27600000. The property is depreciated over 40 years on straight line basus with no residual value. The entity adopted a policy of revaluation of property.

The building has so far been revalued twice at fair value as follows:

Jan 1 2018 is P 32292000
Jan 1, 2020 is 38295000

Problem 1: What is the revaluation surplus to be reported in the statement of changes in equity for the ended dec 31 2020?

Reference no: EM132728531

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