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What the carrying amount of the building as of december

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Reference no: EM132640993

Duran Corporation acquired a building on January 1, 2015 at a cost of P50,000,000. The building has an estimated life of 10 years and residual value of P5,000,000. The building was revalued on January 1, 2019 and the revaluation revealed replacement cost of P80,000,000, residual value of P2,000,000 and revised total life of 12 years.

Question 1: The carrying amount of the building as of December 31, 2019?

Question 2: The revaluation surplus as of December 31, 2019 is?

Reference no: EM132640993

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