What the impact of revaluation on the asset revaluation is

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Reference no: EM132903241

Problem 1: On what basis would the lessee recognize a leasing asset in accordance with IFRS 16?

a. Ownership

b. Right to receive rental payments

c. Right to use the asset

d. On signing a contractual agreement

Problem 2: Companies allocate income tax expense (or benefit) to all of the following except *

a. Discontinued operations

b. Prior period errors

c. Gross profit

d. Other comprehensive income

Problem 3: Porter Limited owned a land that had been previously revalued upward by P600,000. The land will be revalued downwards at the current reporting date by P200,000. If the company rate of tax is 30%, the impact of this revaluation on the asset revaluation surplus account is

a. DR 420,000

b. CR 180,000

c. DR 140,000

d. CR 60,000

Reference no: EM132903241

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