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What must be credited to the revaluation surplus

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Red Corporation purchased a building for P5,000,000 on Jan. 1, 2016. The structure has been depreciated based on its 20-year life. An assessment of the building on Jan. 1, 2021, revealed a P9,000,000 replacement cost with no change in usable life.

Problem 1: On Jan. 1, 2021, what amount, before income, tax, must be credited to the revaluation surplus?

Problem 2: For 2021, depreciation is?

Reference no: EM133002447

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