Reference no: EM132674986
On January 1, 2019, the revaluation of Cooper Company shows the following : Machinery, cost P15,000,000; 10-year life, 4 years expired; Sound value P14,400,000. On December 31, 2021, 3 years after the revaluation, an impairment of the machinery is indicated and the recoverable amount (fair value) is P3,150,000. In 2022, there is a reversal of impairment related to the machinery. On December 31, 2022, the recoverable amount (fair value) is P3,600,000.
Problem 1: What is the piecemeal realization of revaluation surplus on December 31, 2019?
Problem 2: In recording the impairment loss on 12/31/21, what amount is debited to revaluation surplus?
Problem 3: In recording the impairment loss on 12/31/21, what amount is debited to Impairment loss?
Problem 4: What is the depreciation expense in 2022?
Problem 5: In recording the reversal of impairment on 12/31/22, what amount is credited to Revaluation surplus?
Problem 6: In recording the reversal of impairment on 12/31/22, what amount, if any, is credited to Gain on reversal of impairment?
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