Assume the following data:

Building, at original costP800,000

Building, at replacement cost1,600,000

Accumulated depreciation - cost

20-year life;10 years expired400,000

Required:

a.Prepare the entry to record the revaluation.

b.Prepare the entry to record the subsequent annual depreciation

c.Prepare the entry to record the piecemeal realization of the revaluation surplus

d.Prepare the entry to record the sale of the asset for P600,000 two years after appraisal