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Question -
A. Essential Limited bought equipment valued at $10,200,000 to be used in controlling pollution in their area of operation. The government has decided to assist the company by granting the company a subsidy of 60% of the value of the asset. The equipment qualifies as a depreciating asset according to IAS 20, Government Grants and is depreciated over a period of 4 years. Its residual value is expected to be nil.
Required: Prepare extracts of Essential Limited's Income statement and statement of financial position to account for the first three (3) years for the above items using the deduction from assets method.
B. According to IAS 23, Borrowing Costs, certain borrowing costs have to be capitalized. Explain with reference to the above IAS how investment income may be applied to borrowing cost to be capitalised.
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