On January 1,2017, Allysa Company purchased an asset for P1,000,000 with an estimated useful life of 10 years. Straight-line method of depreciation is used. On January 1,2020, it was properly computed that the recoverable amount of the asset is P740,000. Under the revaluation model for long-lived assets, what are the amounts reported in the shareholders equity on January 1,2020? 

2. On January 1,2017, Baliuag Company purchased an asset for P1,000,000 with an estimated useful life of 10 years. Straight-line method of depreciation is to be used. On January 1,2020, it was properly computed that the recoverable amount of the asset is P740,000. Under the cost model for long-lived assets, what are the amounts to be reported in the income statements on January 1,2020?