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What is the value of the revaluation surplus at december

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Problem 1: At 1 January 2020, the revaluation surplus of Bloxden was P1,257,000. This was in respect of the company's head office. During the year to 31 December 2020, the value of the head office increased by a further P82,000. In the same period, the company's factory suffered an impairment of P90,000. What is the value of the revaluation surplus at 31 December 2020?

a. P1,167,000

c. P1,257,000

b. P1,249,000

d. P1,339,000

Problem 2: When an entity chooses the revaluation model as its accounting policy for measuring property, plant and equipment, which of the following statements is correct?

a. Revaluation of property, plant and equipment must

be made at least every three years.

b. When an asset is revalued, the entire class of property, plant and equipment to which that asset belongs must be revalued.

c. Increases in an asset's carrying value as a result of the first revaluation must be recognized as a component of profit or loss.

d. When an asset is revalued, individual assets within a class of property, plant and equipment to which that asset belongs can be revalued.

Reference no: EM132841024

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