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What the revaluation surplus in the equity section

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Light Company bought a machine for P300,000 on January 1, 20x8. The machine's useful life is 10 years and it is estimated to have a zero residual value and is depreciated using the straight-line method.

The revalued amount of the machine is as follows:

December 31          Fair values of the machine

20x8                              P360,000

20x9                                335,000

2x10                                 320,000

The enacted tax rate was 30% for each year

Question 1: The revaluation surplus in the equity section of Light Company's December 31, 20x8 statement of financial position is

Option 1: P90,000

Option 2: P63,000

Option 3: P39,000

Option 4: Answer not given

Option 5: P60,000

Reference no: EM132585272

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