Question: Show complete solutions as to why the final answer is 7,500,000. On January 1,2021 , Yumi Co. reported the following account balances: The land and

Show complete solutions as to why the final answer is 7,500,000.

On January 1,2021 , Yumi Co. reported the following account balances: The land and the building were revalued on January 1, 2021 and the revaluation revealed the following sound value: There were no additions or disposals during 2021. Depreciation is computed on the straight line. The estimated remaining life of the building is 20 years. How much would be the cumulative amount transferred to retained earnings from revaluation surplus by December 31, 2022, assuming, no disposal was made from the revaluation date

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