Tyke Corporation has the following information on January 1, 2016 relating to its land and building.

Land P20,000,000

Building 450,000,000

Accumulated depreciation 75,000,000

There were no additions or disposals during 2016, Depreciation is computed using straight-line method over 15 years for building. On June 30, 2016, the land and building were revalued as follows:

Replacement Cost Depreciated replacement cost

Land P35,000,000 P35,000,00

Building 600,000,000 480,000

1. The depreciation expense for the year 2016 is:
2. The revaluation surplus as of December 31, 2016 is: