Seaside Company applied revaluation accounting to plant asset with carrying amount of P4,000,000 on January 1, 2014, useful life of 4 years, and no residual value. Depreciation is calculated on the straight line basis. On December 31, 2014, independent appraisers determined that the asset has a fair value of P3,750,000.

Requirements: 1. All necessary journal entries.

Answer rating: 100% (QA)

Journal Entries Date Account Name Debit Credit Dec 31 Depr... View the full answer