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Problem 29-5 (ACP) Problem 29-7 (LAA) On January 1, 2017, Epitome Company acquired the following Problem 29-11 Multiple choice (PAS 16) Cherry Company acquired a building on January 1, 2017 at a cost of P20,000,000. The building has an estimated useful life of property, plant and equipment: 1. What is the revalued amount of property plant and 6 years and residual value of P2,000,000. Cost equipment? Useful life The building was revalued on January 1, 2020 and the 5,000,000 Land a. Fair value 25,000,000 b. Depreciated replacement cost revaluation revealed replacement cost of P30,000,000, residual Building 10,000,000 c. Replacement cost value of P4,000,000 and revised useful life of 8 years. Machinery Equipment 3,000,000 d. Fair value and depreciated replacement cost Required: At the beginning of 2020, a revaluation of property, plant and 2. When accounting for property, plant and equipment, an entity 1. Prepare journal entry to record the revaluation. equipment was made by professionally qualified valuers. a. Must use the cost model. While no change in the useful life of the assets was indicated, May elect to use the cost model or the revaluation 2. Prepare journal entry to record annual depreciation for model on any individual asset. 2020. it was ascertained that replacement cost of the assets had c. May elect to use the cost model or the revaluation model on any asset class. 3. Prepare journal entry to record the piecemeal realization increased by the following percentage: Must use the cost model for land. of the revaluation surplus. Land 100% Building 3. Under the revaluation model Problem 29-9 (PHILCPA Adapted) 80% Machinery 50% Assets must be revalued quarterly On January 1, 2020, Contentious Company provided the Equipment 40% b. Assets must be revalued annually following information related to the land and building C. Assets must be revalued biannually Land 50,000,000 It was authorized that such revaluation be recorded in the There is no rule regarding the frequency of revaluation Building 450,000,000 accounts and that depreciation be recorded on the basis of Accumulated depreciation - building 75,000,000 revalued amount. 4. When the revaluation model is used for reporting property, There were no additions or disposals during the current year plant and equipment, the gain should be included in Depreciation is computed using straight line over 15 years Required: a. Retained earnings for building. . Revaluation gain in the income statement On June 30, 2020 the land and building were revalued. a. Prepare journal entry to record the revaluation on C. Revaluation surplus January 1, 2020. . An extraordinary gain in the income statement Replacement costair Sound value Land 65,000,000 65,000,000 600,000,000 b. Prepare journal entry to record the depreciation for the 5. The revaluation surplus realized because of the use or Building 480,000,000 current year. disposal of the asset is transferred directly to 1. What is the revaluation surplus on June 30, 2020? Prepare journal entry to record the piecemeal realization a. 135,000,000 of the revaluation surplus. a. Retained earnings b. 125,000,000 b. Income c. 120,000,000 let us apique moilnolaver oil at sony d. Present the assets in the statement of financial position Share capital 160,000,090 060.000 on December 31, 2020. C. d. Share premium 2. What is the depreciation of the building for 2020? a. 30,000,000 100 008.8 b. 35,000,000 C. 40,000,000 d. 32,000,000 nas, 18d 8. What is the revaluation surplus on December 31, 2020? a. 125,000,000 b. 130,000,000 c. 123,750,000 d. 115,000,000 000 320,41