Accountancy

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Situation 2 On 1st July 2020, the company decided to purchase a new machine to increase their production capacity. The machine costing RM 17 million with a useful life of 10 years. The company managed to secure RM 2 million grant from Melaka government related to the purchase of the machine. The company decided to use deferred income method in recording the grant received. On the same day also, the company received a piece of land from the Selangor state government. The company are expected to be a leader in covid19 research in 10 years. The land nominal value and fair value was RM 50 000 and RM 2 million respectively. Required: i. ii. Discuss how the company shall account the machine and government grant received. Discuss how the company shall account for the land received. 10 marks