On January 1, 20x1, Entity A received land with fair of ₱200,000 from the government conditioned on the construction of a building on the lot. Entity A started immediately the construction and it was completed on December 31, 20x1 for a total cost of ₱1,000,000. The building has an estimated useful life of 10 years and zero residual value. 1.How much is the income from government grant in 20x1 and 20x2, respectively? 2.How much is the carrying amount of the building on December 31, 20x2 under the following presentations?3.How much is the depreciation expense recognized in 20x3 under the following presentations
On January 1, 20x1, Entity A received land with fair of ₱200,000 from the government conditioned on the construction of a building on the lot. Entity A started immediately the construction and it was completed on December 31, 20x1 for a total cost of ₱1,000,000. The building has an estimated useful life of 10 years and zero residual value. 1.How much is the income from government grant in 20x1 and 20x2, respectively? 2.How much is the carrying amount of the building on December 31, 20x2 under the following presentations?3.How much is the depreciation expense recognized in 20x3 under the following presentations
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On January 1, 20x1, Entity A received land with fair of ₱200,000 from the government conditioned on the construction of a building on the lot. Entity A started immediately the construction and it was completed on December 31, 20x1 for a total cost of ₱1,000,000. The building has an estimated useful life of 10 years and zero residual value.
1.How much is the income from government grant in 20x1 and 20x2, respectively?
2.How much is the carrying amount of the building on December 31, 20x2 under the following presentations?3.How much is the
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