Valix Finacc vol 1 Problem 19-7

Financial Accounting Volume 1 2008 Valix-Peralta
Chapter 19 Problem 19-7

1.  Building                                                                                          10,000,000        

                Accumulated depreciation                                                                            4,000,000

            Revaluation surplus                                                                                         6,000,000

2.  Depreciation (13,000,000 / 5)                                                          2,600,000

            Accumulated depreciation                                                                            2,600,000

3.  Revaluation surplus                                                                        1,200,000

            Retained earnings (6,000,000 / 5)                                                                    1,200,000