n January 1, 2021, Entity A received land with fair of PHP 200,000 from the govermment nditioned on the construction of a building on the lot. Entity A started immediately the nstruction and it was completed on December 31, 2021 for a total cost of PHP 1,000,000. The ilding has an estimated useful life of 10 years and zero residual value. ow much is the income from the government grant in 2021 and 2022 respectively? 2021 2022 a. 0 200,000 b. 200,000 c. 0 d. 20,000 20,000 20,000

n January 1, 2021, Entity A received land with fair of PHP 200,000 from the govermment nditioned on the construction of a building on the lot. Entity A started immediately the nstruction and it was completed on December 31, 2021 for a total cost of PHP 1,000,000. The ilding has an estimated useful life of 10 years and zero residual value. ow much is the income from the government grant in 2021 and 2022 respectively? 2021 2022 a. 0 200,000 b. 200,000 c. 0 d. 20,000 20,000 20,000

Name: On January 1, 2021, Entity A received land with fair of PHP 200,000 f
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Description: On January 1, 2021, Entity A received land with fair of PHP 200,000 from the govemmentconditioned on the construction of a building on the lot. Entity A started immediately theconstruction and it was completed on December 31, 2021 for a total cost o

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

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 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. How much is the income from government grant in 20x1 and 20x2, respectively? 20x1 20x2 0 200,000 200,000 0 0 20,000 20,000 20,000 How much is the carrying amount of the building on December 31, 20x2 under the following presentations? Gross presentation Net presentation 1,000,000 800,000 900,000 720,000 800,000 640,000 800,000 533,333 How much is the depreciation expense recognized in 20x3 under the following presentations? Gross presentation Net presentation 100,000 80,000…
Group Activity 2. On January 1, 2021, 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, 2021 for a total cost of $1,000,000. The building has an estimated useful life of 10 years and zero residual value. a. How much is the income from government grant in 2021 and 2022, respectively? b. How much is the carrying amount of the building on December 31, 2022 under the gross presentation and net presentation? c. How much is the depreciation expense recognized in 2023 under the gross presentation and net presentation?
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