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Prepare the necessary entries

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Question - The Municipality of Cainta has an existing vacant lot with a carrying value of P15,000.00. Emmanuel Rivera, a businessman, submitted a proposal to construct in the vacant lot a printing and publication house with a construction cost of P750,000, exclusive of the P300,000 total cost of four (4) pieces of printing machinery. The service concession shall be for 15 years, and the operator will be entitled to collect the printing and publication fees. The municipality will have a 12% share from the printing and publication's collections exceeding P75,000. The service concession arrangement was made effective Jan. 1, 20X1. The operator's total collection for the year 20X1 was P100,000.00. Prepare the necessary entries?

Reference no: EM133021272

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