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What is the subsequent annual depreciation

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Question - On January 1, 2016, ABC Company bought an equipment for 1,350,000 with a useful life of 10 years but no residual value at the end of its life.

On January 1, 2020, the equipment was appraised which resulted to a replacement cost of P2,700,000 and a residual value of 270,000 but no change as to the remaining useful life.

What is the amount of revaluation surplus on January 1, 2020, if any?

What is the subsequent annual depreciation after the revaluation test?

Reference no: EM133123565

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