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Use the following information for the next two questions. Your company has an equipment that was purchased on January 1, 2018 at a cost of P100,000. You were using straight-line method in depreciating this equipment over its estimated useful life of 10 years. During the end of 2018, this equipment's fair value was P112,500. An entry was made to record the revaluation on that date. On December 31, 2019 you discovered an impairment, and the recoverable value of the asset was P68,000 only. You further discovered that the equipment has a fair value of P73,000 on December 31, 2020. How much was the revaluation surplus that should be credited to equity in December 31, 2018? 1 point P10,000 P11,500 P12,500 P22,500 How much impairment loss is to be reported in your 2020 Income Statement? P19,500 P9,000 P2.000 EP17.000