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What is the revaluation surplus to be reported

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Reference no: EM133171485

Question - Faith Company owned a building on January 1, 2018, with historical cost of P52000000. The property is depreciated over 40 years on a straight line basis with no residual value.

The entity adopted a policy of revaluation property. The building had so far been revalued twice at fair value. The fair values of the building are as follows:

January 1, 2019 P60,840,000

January 1, 2021 P71,150,000

Required - What is the revaluation surplus to be reported in the statement of changes in equity for the year ended December 31, 2021?

Reference no: EM133171485

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