Problem 6 - Revaluation and Change in Accounting Estimate At the beginning of 2020, Locker & Locker Inc. purchased a unit of machinery worth P2,500,000. The machine has an estimated useful life of 9 years with a 10% residual value. Locker & Locker depreciates the machine using the straight-line method. On December 31, 2023, Locker & Locker was informed that the machine had a gross replacement cost of P3,750,000. Residual value, as per company's policy, is now 10% of the gross replacement cost, and its remaining useful life was revised to 8 years. The entity also revised its depreciation method to double- declining balance. 1. How much is the revaluation surplus on December 31, 2023? 2. What is the asset's depreciation for 2024? 3. How much of the revaluation surplus was transferred to retained earnings during 2024