Question
On January 1, 2013, Raven Company acquired a building at cost of P 5 000 00. The building has been depreciated on the basis of
On January 1, 2013, Raven Company acquired a building at cost of P 5 000 00. The building has been depreciated on the basis of a 20 year life.
On January 1, 2018, an appraisal of the building showed replacement at P 8 000 000 with no change in useful life.
1. Before income tax, what amount should be credited to revaluation surplus on January 1, 2018?
2. What is the depreciation for 2018?
3. What is the revaluation surplus that should be reported in the December 31, 2018 statement of financial position?
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Artificial Intelligence In Accounting And Auditing Knowledge Representation Accounting Applications And The Future Volume 3
Authors: Miklos A. Vasarhelyi
1st Edition
1558760784, 978-1558760783
