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What should richman co report as a gain

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Question 1: ABC Company purchased a land for Php800,000 with a useful life of 4 years during 2017 and chooses the revaluation model in accounting for its land. At December 31, 2017 and December 31, 2018, the fair value of the land was P750,000 and P800,000, respectively.

The journal entry to record depreciation for year one will include a:

a. Debit to Depreciation Expense for P200,000.

b. Debit to Depreciation Expense for P50,000.

c. Debit to Accumulated Depreciation for P200,000.

d. Credit to Accumulated Depreciation for P50,000.

Question 2: At June 1, 2017, Manly Co. sold the Carlin bonds for P311,125. After accruing for interest, the carrying value of the Carlin bonds on June 1, 2017 was P308,500. Assuming Richman Co. has a portfolio of Available-for-Sale Debt Securities, what should Richman Co. report as a gain (or loss) on the bonds?

a. (P8,811)

b. (P6,561)

c. (P2,625)

d. P0

Reference no: EM132628401

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