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What amount of oci is reclassified to retained earnings

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Question - Bergs Company accounted for noncurrent assets using the revaluation model. On October 1, 2021, the entity classified a land as held for sale. At that date, the carrying amount of the land was 5,000,000 and the balance in the revaluation surplus was 1,500,000.

At same date, the fair value of the land was estimated at P5,500,000 and the cost of disposal at 100,000. On December 31, 2021, the fair value less cost of disposal of the land did not change. The land was sold on January 31, 2022 for P6,000,000.

Required - What amount of OCI is reclassified to retained earnings in 2022?

A. 500,000

B. 1,500,000

C. 0

D. 2,000,000

Reference no: EM133180965

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