Question
ABC Corporation purchased a land for P500,000 during 2017 and chooses the revaluation model in accounting for its land . The following information relates to
ABC Corporation purchased a land for P500,000 during 2017 and chooses the revaluation model in accounting for its land . The following information relates to that land , which is the only land asset owned by the company , December 31, 2017- Fair value P520,000. Dec 31, ,2018- Fair Value P470,000. December 31 , 2019- Fair Value P510,000.a) What is the amount of unrealized gain on revaluation-land for the year 2017?_______. b.) How much is the accumulated other comprehensive income for the year 2017 to be recognized in the balance sheet?_____accumulated other comprehensive income. c) What is the amount of unrealized gain on realization -land for the year 2018?_____D.)How much is the impairement loss for the year 2018?____impairement loss. e)How much is the accumulated other comprehensive income for the year 2018 to be recognized in the balance sheet?____.f)How much is the recovery of impairement loss and revaluation gain on land for the year 2019?____.g) What is the amount of unrealized gain on revaluation-land for the year 2019?h)If the land was sold on January 10,2020 for Php 515,000 How much is the gain on sale of land?_____.i)How much is the accumulated other comprehensive income to be recycledto the retained earrnings as a result of the gain on sale of land?_____
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