An entity receives a grant of P50,000,000 from the Japanese Government for the construction of an experiment and research facility with an estimated cost of 70,000,000, with a useful life of 35 years. Using the deduction from the cost of asset approach, compute the carrying value of the asset by the end of the second year. (Round off answer to the nearest peso.)
An entity receives a grant of P50,000,000 from the Japanese Government for the construction of an experiment and research facility with an estimated cost of 70,000,000, with a useful life of 35 years. Using the deduction from the cost of asset approach, compute the carrying value of the asset by the end of the second year. (Round off answer to the nearest peso.)
Chapter1: Financial Statements And Business Decisions
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11. An entity receives a grant of P50,000,000 from the Japanese Government for the construction of an experiment and research facility with an estimated cost of 70,000,000, with a useful life of 35 years. Using the deduction from the cost of asset approach, compute the carrying value of the asset by the end of the second year. (Round off answer to the nearest peso.)
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