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The following figures have been extracted from the accounting records of the Twitch Corporation on...

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Accounting

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The following figures have been extracted from the accounting records of the Twitch Corporation on December 31, 2019: Cost Accumulated Depreciation 25-year leasehold factory P50,000,000 P10,000,000 15-year leasehold factory 30,000,000 10,000,000 On January 1, 2020 Twitch had its two leasehold factories revalued (for the first time) by an independent surveyor as follows: 25-year leasehold P52.000.000 15-year leasehold 18,000,000 Twitch depreciates its leaseholds on a straight-line basis over the life of the lease. Twitch depreciates its leaseholds on a straight-line basis over the life of the lease. The directors of Twitch are disappointed in the value placed on the 15-year leasehold. The surveyor has said that the fall in its value is due mainly to its unfavorable location, but in time the surveyor expects its value to increase. The directors are committed to incorporating the revalued amount of the 25-year leasehold into the financial statements, but wish to retain the historical cost basis for the 15-year leasehold. The carrying amount of the leasehold factories as of December 31, 2020 should be

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