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What is the carrying amount of the asset on december

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Reference no: EM133185522

Question - Yolanda Company purchased a machinery for Php 7,000,000 on January 1, 2020, and received a government grant of Php 1,000,000. The machinery is to be depreciated on a straight-line method over 5 years and estimated to have a residual value of Php 500,000. The accounting policy is to treat the grant as a deduction to the cost of the machine.

Required -

1. What is the carrying amount of the asset on December 31, 2022?

2. Compute for the deferred grant income on December 31, 2021.

Reference no: EM133185522

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