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Problem 2 An equipment was acquired for P3,00D,DOO on Jan. 1. 2018. It Is being depreciated to a salvage value of P400,DUO over 10 years. It has the following revaluation details: (A) Jan. 1, 2021 - Replacement cost of P4,100,000 and remaining useful life of ? years, (B) Jul. 1, 2026 - Replacement cost of P3.500.000 and remalnlng useful life of 3 years. After recording the depreciation as of 1 point Jul. 1. 2026. what is the journal entry to record the change in revaluation using the proportionate method? How much should be (debited) or credited to revaluation surplus? * Your answer Problem 1 On Jan. 1, 2020, DEF Corporation acquired a P2,000,000 equipment which it accounts under the revaluation model. It can be used in the production line for 10 years. After use, it can be sold for P250,000. On Jan. 1, 2023, DEF is revaluing the asset. It has a sound value of P2,250,000 and a revised residual value of P500,000. If DEF uses the proportional method, 1 point what is the journal entry on Jan. 1, 2023 to record the revaluation? How much is the revaluation surplus to be recognized?* Your answerProblem 5 ABC Corporation is testing the impairment of a cash generating unit that includes the accounts as shown in the image. The inventories can be sold for a net amount of P400000 while the receivables can be realized at carrying amount. The expected cash flows from the unit is P1,200,000 for the first five years and P600,000 for the last five years. ABC deems it appropriate to have a discount rate of 8%. What is the net carrying value of the 1 point plant after impairment? * Your answer Problem 4 ABC Corporation bought an equipment with a total cost of P4,000,000 on Jan. 'I, 2015. It was depreciated using the straight-line method over 20 years with a salvage value of P400000. On Jan. 1, 2020, there is a foreseen decrease in the useful life of the equipment to only 3 remaining years. Hence, the asset is being tested for impairment. The current fair value less cost to sell is P600000 while the salvage value at the end of the useful life is P400,000. Annual net operating cash flows is foreseen to be at P200,000 per year. The effective interest rate to be used for impairment testing is as. How much is the impairment loss? * 1 point Your