On January 1, 2017, Epitome Company acquired the following Problem 29-7 (1AA) property, plant and equipment: Cost Useful life 5,000,000 25,000,000 10,000,000 3,000,000 Land Building Machinery...

Extracted text: On January 1, 2017, Epitome Company acquired the following Problem 29-7 (1AA) property, plant and equipment: Cost Useful life 5,000,000 25,000,000 10,000,000 3,000,000 Land Building Machinery Equipment 25 10 At the beginning of 2020, a revaluation of property, plant and equipment was made by professionally qualified valuers While no change in the useful life of the assets was indicated it was ascertained that replacement cost of the assets had increased by the following percentage: 100% 80% 50% 40% Land Building Machinery Equipment It was authorized that such revaluation be rccorded in the accounts and that depreciation be recorded on the basis of revalued amount. Required: a. Prepare journal entry to record the revaluation on January 1, 2020. b. Prepare journal entry to record the depreciation for the current year. c. Prepare journal entry to record the piecemeal realization of the revaluation surplus. d. Present the asseta in the atatement of financial position on Deceinber 31, 2020