PLANT COMPANY bought a warehouse building for P660,000 on January 1, 2017. The machine's useful life...

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PLANT COMPANY bought a warehouse building for P660,000 on January 1, 2017. The machine's useful life is 12 years and it is estimated to have a zero residual value and is depreciated using the straight-line method. On January 1, 2019, PLANT COMPANY changed to the revalued model in measuring its building assets. The fair value (market-based evidence) of the building is as follows: January 1: 2019, P575,000; 2020, P540,000; 2021, P515,000 Questions: 1. Prepare all the necessary journal entries from 2019-2021 2. Initial revaluation surplus recognized on January 1, 2019 3. Depreciation expense 2019-2021 4. Revaluation surplus deemed realized and transferred to retained earnings 2019 - 2021 5. Revaluation surplus balance included in the equity section of the balance sheet 2019-2021 PLANT COMPANY bought a warehouse building for P660,000 on January 1, 2017. The machine's useful life is 12 years and it is estimated to have a zero residual value and is depreciated using the straight-line method. On January 1, 2019, PLANT COMPANY changed to the revalued model in measuring its building assets. The fair value (market-based evidence) of the building is as follows: January 1: 2019, P575,000; 2020, P540,000; 2021, P515,000 Questions: 1. Prepare all the necessary journal entries from 2019-2021 2. Initial revaluation surplus recognized on January 1, 2019 3. Depreciation expense 2019-2021 4. Revaluation surplus deemed realized and transferred to retained earnings 2019 - 2021 5. Revaluation surplus balance included in the equity section of the balance sheet 2019-2021

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1 Journal entries from 20192021 January 1 2019 Revaluation Building Revaluation Surplus 85000 Revaluation Surplus 85000 This entry recognizes the increase in the fair value of the building on January ... View the full answer