(Solved): what is the amount of the revaluation surplus to be recognized by c company on january 1, 2023? PROB ...

PROBLEM 1 depreciation of $\mathrm{P}2,880,000$ and uses the revaluation model as its accounting policy. It was assessed for possible revaluation. Based on the assessment of professional valuers, the fair value of the building on January 01,2023 amounted to P6,480,000 and had a remaining useful life of 6 years from the date of revaluation. The company will restate the gross carrying amount of the asset and will transfer a portion of the surplus as the asset is being used. On January 01, 2025, the same asset was assessed for revaluation. Based on the assessment of the professional valuers, the building had a fair value of $P3,600,000$. 1. What is the amount of revaluation surplus to be recognized by C Company on January 1,2023 ?