a) Prepare the entry for the revaluation.

b) Prepare the entry for subsequent depreciation.

c) Prepare the entry for piecemeal realization of Revaluation Surplus.

d) If the equipment was sold for P8,000,000 one year after revaluation, what is the entry the sale of the asset?

Assume the following data: COST P6,500,000 500,000 12 2 ? REPLACEMENT COST P9,200,000 200,000 Equipment Residual Value Useful Life Age of the equipment Accumulated Depreciation