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What is the amount of revaluation surplus to be reported

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Jeffords Co. uses revaluation accounting for a class of equipment it uses in its golf club refurbishing business. The equipment was purchased on January 2, 2019, for P500,000; it has a 10-year useful life with no residual value. Jeffords has the following information related to the equipment. (Assume that estimated useful life and residual value does not change during the periods presented below.)

Date                                     Fair Value

January 1, 2019              P500,000
December 31, 2019          468,000
December 31, 2020         380,000
December 31, 2021         356,000
December 31, 2022         356,000

Based on the above information, answer the following:

Problem 1: What is the revaluation surplus on December 31, 2019?

Problem 2: What is the amount to be reported in other comprehensive income for the year ended December 31, 2020?

Problem 3: What is the amount to be reported in other comprehensive income for the year ended December 31, 2021?

Problem 4: What is the amount of revaluation surplus to be reported to be reported in statement of changes in equity for the year ended December 31, 2022?

Reference no: EM132669738

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