ABC Corporation purchased a land for P500,000 during 2017 and chooses the revaluation model in accounting...

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Accounting

ABC Corporation purchased a land for P500,000 during 2017 andchooses the revaluation model in accounting for its land . Thefollowing information relates to that land , which is the only landasset owned by the company , December 31, 2017- Fair valueP520,000. Dec 31, ,2018- Fair Value P470,000. December 31 , 2019-Fair Value P510,000.a) What is the amount of unrealized gain onrevaluation-land for the year 2017?_______. b.) How much is theaccumulated other comprehensive income for the year 2017 to berecognized in the balance sheet?_____accumulated othercomprehensive income. c) What is the amount of unrealized gain onrealization -land for the year 2018?_____D.)How much is theimpairement loss for the year 2018?____impairement loss. e)How muchis the accumulated other comprehensive income for the year 2018 tobe recognized in the balance sheet?____.f)How much is the recoveryof impairement loss and revaluation gain on land for the year2019?____.g) What is the amount of unrealized gain onrevaluation-land for the year 2019?h)If the land was sold onJanuary 10,2020 for Php 515,000 How much is the gain on sale ofland?_____.i)How much is the accumulated other comprehensive incometo be recycledto the retained earrnings as a result of the gain onsale of land?_____

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As per the revaluation method assets are carried at their fair value When carrying amount of asset is increased as a result of revaluation such increase is to be recognized in Other Comprehensive Income OCI and accumulated in a reserve called Revaluation Surplus When carrying amount of an asset is decreased such decrease is also    See Answer
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