Reference no: EM133161704
Question 1 - Sincere Corporation financial statements for the year ended December 31, 2021 are authorized for issue on March 30, 2022. On January 28, 2022, a fire destroyed partially the production site of the company resulting to damages of P2,000,000, only P1,500,000 of which is covered by insurance. On March 10, 2022, Peaceful issued additional 100,000 shares at P10 par value. On March 15, 2022, a customer owing P400,000 to the company filed for bankruptcy. The allowance of doubtful accounts amounting to P200,000 as of December 31 included P50,000 pertaining to the said customer. What amount should be adjusted on December 31, 2021 in relation to these events?
A. 350,000
B. 200,000
C. 400,000
D. 2,400,000
E. None of them
Question 2 - T. Positivitv Enterprises accounted for noncurrent assets using the revaluation model. On September 1, 2021, the entity classified as land held for sale. At that date, the carrying amount of the land was P4,000,000 and the balance in the revaluation surplus was P600,000. At the same date, the fair value of the land was estimated at P4,100,000 and the cost of disposal at P100,000. On December 31, 2021, the fair value less cost of disposal of the land did not change. The land was sold or December 31, 2021 for P4,200,000. What is the amount of revaluation surplus on December 31, 2021?
A. 600,000
B. 700,000
C. 800,000
D. 0
E. None of them
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