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How much should be credit to revaluation surplus on december

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Problem 1: SABM Co. acquired a machine on January 1, 2018, at a cost of P120,000. It was expected to have a useful economic life of 10 years. SABM Co. uses the straight-line method in depreciating its machinery and equipment and reports on a calendar year basis. On December 31, 2020, the machine was appraised as having a gross replacement cost of P150,000. SABM Co. applies the revaluation model in valuing this class of property, plant, and equipment after its initial recognition. How much should be credited to revaluation surplus on December 31, 2020?

a) P9,000
b) P21,000
c) P30,000
d) P105,000
e) answer not given

Reference no: EM132895970

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