SMDC, Inc. is in the process of opening a new division as a result of its expansion. As a consequence, its main operation will be transferred to Manila. It vacated its land and building in Laguna and held them for commercial rental under operating lease. On such date, the land had a carrying value of P100 million and the building had a carrying value of P175 million. The building was purchased 15 years ago for P250 million. An independent appraiser placed a revalued amount of P140 million and P210 million for the land and building, respectively.

This problem has three questions:

What is the initial carrying amount of the Building held as investment property on the date of reclassification, if SMDC, Inc. accounts for its investment property using the fair value model?

What amount is credited to the account "Revaluation surplus" if there is any, on the date of reclassification, if SMDC, Inc. accounts for its investment property using the fair value model?

What amount is debited to the account "Land held as investment property" on the date of reclassification, if SMDC, Inc. accounts for its investment property using the fair value model?