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Samson Company applies revaluation accounting to plant assets with a carrying value of P800,000, a...

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Accounting

Samson Company applies revaluation accounting to plant assets with a carrying value of P800,000, a useful life of 4 years, and no salvage value. Depreciation is calculated on the straight-line basis. At the end of year 1, independent appraisers determine that the asset has a fair value of P750,000. The financial statements for year one will include the following information:

Select one:

a. Depreciation expense P50,000.

b. Revaluation surplus P50,000.

c. Accumulated depreciation P200,000.

d. Plant assets P750,000.

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