5. An entity revalued its building on Dec. 31, 20x1. The following information was determined. Historical cost 10,000,000 Accumulated depreciation 5,000,000 Actual life Replacement cost 21,000,000 Effective life Remaining economic life Income tax rate 30% 25 years 20 years 40 years Requirements: a. Compute for the revaluation surplus, net of tax. b. Provide the entry to record the revaluation surplus using (1) Proportional method and (2) Elimination method. c. Determine revaluation. the revised annual depreciation after the