Reference no: EM132976967
Question - A depreciable property costing P1,400,000 with original residual value of P80,000 after 10 years, had been revalued at a replacement cost of P1,680,000 with residual value of P20,000. The age of the asset is four years when it was revalued. What is the revaluation surplus?
Ryan Company reported an impairment loss of P2,540,000 in its statement of comprehensive income for the year ended December 31, 2018. This loss was related to long-lived assets acquired on January 1, 2017 with cost of P10,000,000, useful life of 10 years and 200,000 residual value. On the December 31, 2018 statement of financial position, Ryan reported these long-lived assets at P5,500,000 which is the fair value on such date. On December 31, 2019, Ryan determined that the fair value of its impaired long-lived assets had increased to P6,700,000. The straight line depreciation is recorded for the impaired assets. Required: Depreciation expense for 2019
The Joyful Company purchased a machine on November 1, 2019 for P296,000. At the time of acquisition, the machine was estimated to have a useful life of ten years and estimated salvage value of P8,000. Joyful has recorded monthly depreciation using the straight-line method. On July 1, 2028, the machine was sold for P26,000. What should be the loss recognized from the sale of the machine?
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: On July 1, 2028, the machine was sold for P26,000. What should be the loss recognized from the sale of the machine
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