Homework Help is Here – Start Your Trial Now!
Business
Accounting
On January 1, 2020, DAHLIA Company showed land with a carrying amount of ₱10,000,000 and building with cost of ₱60,000,000 and accumulated depreciation of ₱18,000,000. The land and building were revalued on the same date and revealed the fair value of land at ₱15,000,000 and building at ₱70,000,000. The original useful life of the building is 20 years and depreciation is computed on the straight line. 1. What is the revaluation surplus on December 31, 2020? * ₱ 31,000,000 ₱ 11,142,857 ₱ 33,000,000 ₱ 11,500,000 ₱ 30,642,857   2. What is the annual depreciation for 2020? * ₱ 3,000,000 ₱ 3,500,000 ₱ 5,000,000 ₱ 4,500,000

On January 1, 2020, DAHLIA Company showed land with a carrying amount of ₱10,000,000 and building with cost of ₱60,000,000 and accumulated depreciation of ₱18,000,000. The land and building were revalued on the same date and revealed the fair value of land at ₱15,000,000 and building at ₱70,000,000. The original useful life of the building is 20 years and depreciation is computed on the straight line. 1. What is the revaluation surplus on December 31, 2020? * ₱ 31,000,000 ₱ 11,142,857 ₱ 33,000,000 ₱ 11,500,000 ₱ 30,642,857   2. What is the annual depreciation for 2020? * ₱ 3,000,000 ₱ 3,500,000 ₱ 5,000,000 ₱ 4,500,000

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter11: Depreciation, Depletion, Impairment, And Disposal
Section: Chapter Questions
Problem 11E: On May 10, 2019, Horan Company purchased equipment for 25,000. The equipment has an estimated...
See similar textbooks
icon
Related questions
Question
100%

On January 1, 2020, DAHLIA Company showed land with a carrying amount of ₱10,000,000 and building with cost of ₱60,000,000 and accumulated depreciation of ₱18,000,000. The land and building were revalued on the same date and revealed the fair value of land at ₱15,000,000 and building at ₱70,000,000. The original useful life of the building is 20 years and depreciation is computed on the straight line.

1. What is the revaluation surplus on December 31, 2020? *

₱ 31,000,000

₱ 11,142,857

₱ 33,000,000

₱ 11,500,000

₱ 30,642,857

 

2. What is the annual depreciation for 2020? *

₱ 3,000,000

₱ 3,500,000

₱ 5,000,000

₱ 4,500,000

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Extractive Activities
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
EBK CONTEMPORARY FINANCIAL MANAGEMENT
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT
SEE MORE TEXTBOOKS