Reference no: EM132779067
On January 1, 2019, HH Company reported the following account balances pertaining to property, plant, and equipment:
Land 2,000,000
Building 15,000,000
Accumulated depreciation 3,750,000
Machinery 3,000,000
Accumulated depreciation 1,500,000
Assets have been carried at cost since their acquisition. All assets were acquired on January 1, 2009. The straight-line method is used. On January 1, 2019, the entity decided to revalue the property, plant, and equipment.
On such date, competent appraisers submitted the following:
Replacement cost Land 5,000,000
Building 25,000,000
Machinery 5,000,000
REQUIRED:
Problem 1. What is the revaluation surplus on January 1, 2019?
Problem 2. What is the depreciation for the current year?
Problem 3. What is the revaluation surplus on December 31, 2019?
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