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What should reported as carrying amount of deferred income

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An entity purchased a varnishing machine for P3,600,000 on January 1, 2020. The entity received a government grant of P324,000 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.

Problem 1: What should be reported as carrying amount of the machine and deferred income, respectively, on December 31, 2021?

Group of answer choices

Option 1: 1,800,000 and 162,000

Option 2: 2,700,000 and 243,000

Option 3: 1,962,000 and 162,000

Option 4: 1,800,000 and 324,000

Reference no: EM132697770

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