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A machinery costing P8,500,000 was purchased on January 1, 2020 and...

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Accounting

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A machinery costing P8,500,000 was purchased on January 1, 2020 and had a useful life of 10 years with residual value of P500,000. On January 1, 2024, the replacement cost of the machinery is deemed to be P12400,000. The entity estimated that the revised useful life should be 12 years from date of acquisition and that the residual value should be P400,000 on this date. The revaluation surplus for the year 2024 to be recognized in the statement of comprehensive income should be

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