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4. Pieces of furniture were purchased for P900000 on January 1, 2014. Double-declining balance has been recorded for two years. The estimated residual value of the machine was PIE-0,000 and the estimated life is 8 years. At the start of 2015, it was discovered that the computation of the depreciation erroneously included the estimated residual value {as part of the computation) QUESTIONS: 1. The 2016 prior period adjustment to the beginning retained earnings is? 2. Depreciation expense in 2015? 5. On January 1, 2012, Baelfire Company acquired a building at cost of Fir-1,800,000. The building has been depreciated on the basis of a 20year life. On January 1, 2015, an appraisal of the building showed its fair value {market-based} at P4588000 with no change in useful life. QUESTIONS: 1. The amount credited to revaluation surplus on January 1, 2016 is? 2. The depreciation for 2015 should be? 3. The revaluation surplus shown in the December 31, 2016 statement of financial position is? 6. David Company provided the following relating to the revaluation of an equipment on January 1, 2016 Cost Replacement cost Equipment 3,250,000 4,600,000 Residual value 250,000 100,000 Useful life 12 Age of equipment 2 The equipment was sold on December 31, 2016 for 4,000,000 QUESTIONS: WHAT IS THE: 1. The revaluation surplus on January 1, 2016 2 Depreciation for 2016 3. Revaluation surplus on December 31, 2015 [prior to sale] 4 Gain on sale of equipment on December 31, 2016