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How much is the carrying amount of the deferred income

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On January 1, 2016, Harry Co. received cash of P16,000,000 from a local government to be used in constructing a building. The construction was completed on December 31, 2016 for a total cost of P40,000,000. The building will be depreciated over 20 years.

Problem 1: If Harry Co. uses the net presentation of government grants, how much is the carrying amount of the deferred income from the government grant on December 31, 2020?

Reference no: EM132998113

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