PROBLEM 3 (Nos. 6 and 7 are based on the following problem) Panganiban Company acquired an equipment on January 1, 2023, costing the company P1,500,000. It was depreciated using the SLM with an estimated useful life of 10 years. Panganiban Company reports assets at revalued amount less any accumulated depreciation and accumulated impairment losses and transfers a portion of its revaluation surplus as the asset is used every period. On December 31,2023, the fair value of the asset was P1,687,500 and the company appropriately recorded its revaluation surplus. On December 31,2025 , the recoverable amount of the asset was determined to be P1,010,625. On December 31, 2026, the fair value of the asset was determined to be P1,095,000. 5. What amount of revaluation surplus should be credited in equity on December 31,2023 ? 6. What amount of impairment loss should be reported by Panganiban Company on December 31,2025