PROBLEM 17: On January 1, 2016, Lampoon Company owned a building with historical cost of P40,000,000. The property is depreciated over 40 years on a straight-line basis with no residual value. The entity adopted the revaluation model of measuring property, plant and equipment. The building has so far been revalued twice at fair value as follows: January 1, 2017 46,800,000 January 1, 2019 55,500,000 24. What is the carrying value of the building on January 1, 2019 just prior to the second revaluation? A. 36,075,000 B. 44,400,000 C. 46,800,000 D. 55,500,000 Page 7 of 13 25. What is the revaluation surplus to be reported in the OCI section of statement of financial position on December 31, 2019? A. 18,000,000 B. 18,200,000 C. 18,500,000 D. 18,900,000 26. What is the depreciation expense for 2020? A. 1,000,000 B. 1,200,000 C. 1,387,500 D. 1,500,000