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    Rinconada Benori Reynalyn
    The document contains information about the revaluation of property, plant, and equipment for different years. It provides details on calculating revaluation surplus amounts on January 1, 2023 and January 1, 2025, as well as depreciation expenses for 2022 and 2025. It also includes calculations of revaluation surplus and impairment losses for various intangible assets in 2020.

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    Quiz

    Uploaded by

    Rinconada Benori Reynalyn
    48 views4 pages
    The document contains information about the revaluation of property, plant, and equipment for different years. It provides details on calculating revaluation surplus amounts on January 1, 2023 and January 1, 2025, as well as depreciation expenses for 2022 and 2025. It also includes calculations of revaluation surplus and impairment losses for various intangible assets in 2020.

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    The document contains information about the revaluation of property, plant, and equipment for different years. It provides details on calculating revaluation surplus amounts on January 1, 2023 and January 1, 2025, as well as depreciation expenses for 2022 and 2025. It also includes calculations of revaluation surplus and impairment losses for various intangible assets in 2020.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    48 views4 pages

    Quiz

    Uploaded by

    Rinconada Benori Reynalyn
    The document contains information about the revaluation of property, plant, and equipment for different years. It provides details on calculating revaluation surplus amounts on January 1, 2023 and January 1, 2025, as well as depreciation expenses for 2022 and 2025. It also includes calculations of revaluation surplus and impairment losses for various intangible assets in 2020.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 4

    RINCONADA, REYNALYN B.

    BSA-3

    1. A.Ignoring income tax, what amount should be credited to revaluation surplus on Jan 1,2025?

    Cost of revalued amount 8,000,000


    Carrying amount Jan 1 2025 (5,000,000x15/20) (3,750,000)
    Revaluation Surplus 4,250,000

    B. What is the depreciation for 2025?

    8,000,000 x 20= 400,000

    C. What is the revaluation surplus that should be reported in the December 31, 2025 statement
    of financial position?

    Revaluation Surplus Jan 1, 2025 4,250,000


    8,000,000x5/20 (2,000,000)
    Revaluation Surplus Dec. 31, 2025 2,250,000

    2. A. Ignoring income tax, what is the revaluation surplus on Jan 1, 2023?

    Building
    Original Cost Replacement Cost Increase
    15,000,000 25,000,000 10,000,000
    3,750,000 6,250,000 2,500,000
    11,250,000 18,750,000 7,500,000

    Machinery
    Original Cost Replacement Cost Increase
    3,000,000 5,000,000 2,000,000
    1,500,000 2,500,000 1,000,000
    1,500,000 2,500,000 1,000,000

    Land
    Original Cost Replacement Cost Increase
    2,000,000 5,000,000 3,000,000
    11,500,000

    B. What is the depreciation for 2022?

    Dep. of Buildings = 3,750,000/15,000,000=25% Dep. Of Machinery=15/30=50%


    10yrs/25%=40 years-10 years=30 years life 10yrs/50%=20yrs-10years=10 years life
    18,750,000/30=625,000 2,500,000/10=250,000
    625,000+250,000=875,000

    C. What is the revaluation surplus on December 31, 2

    Revaluation Surplus-beg 11,500,000


    Revaluation Allocation Building (7,500,000/30) (250,000)
    Revaluation Allocation Machine (1,000,000/10) (100,000)
    11,150,000

    3. What amount should be recognized as impairment loss for 2023?

    300,000

    4. Solve for:

    Total amortization for the year 2020


    Trademark* -

    Goodwill* -

    Customer list (P220,000/3) 73,333

    Total amortization 73,333

    Impairment Loss for 2020


    Impairment
    loss

    Trademark:

    Carrying amount 300,000


    133,33
    Recoverable amount (P10,000/0.06) 166,667 3

    Goodwill*:
    Carrying amount of Manufacturing
    unit

    (P2,700,000 + P1,500,000 - P1,800,000) 2,400,000


    Recoverable amount (P250,000 x
    12.0416) 3,010,400 -

    Customer list
    Carrying amount (P220,000 -
    P73,333) 146,667

    Recoverable amount:
    113,20
    2013: (P120,000 x 0.9434) 8
    71,20
    2014: (P80,000 x 0.8900) 0 184,408 -
    133,33
    Total impairment loss 3

    CA of trademark for 2020


    300,00
    Cost 0
    133,33
    Less impairment loss 3
    166,66
    Carrying amount of Trademark, 12/31/12 7

    CA of Goodwill for 2020

    Since goodwill is not amortized and is


    not impaired as of 12/31/17, the carrying
    amount is P1,500,000.

    CA of Customer list for 2020


    220,00
    Cost 0
    73,33
    Less amortization for 2012 3
    Carrying amount of Customer List, 146,66
    12/31/12 7

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