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What should be reported as carrying amount of the machine

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Question 1: AAA Company purchased a varnishing machine for P6, 000,000 on January 2020. The entity received a government grant of P540, 000 in respect of this asset. The accounting policy is to depreciate the asset over 4 years on a straight line basis and to treat the grant as deferred income. What should be reported as carrying amount of the machine and deferred income, respectively, on December 31, 2021.

Reference no: EM132563478

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