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Path. p Words 0 QUESTION 2 CSC is a furniture manufacturer. The following information is relevant for the year ended 31 December 2020 During the year CSC commissioned the construction of a new store which cost $5 million to build. On 1 January 2020 CSC obtained a specific $4 9 million loan to fund the construction. The loan is repayable on 31 December 2024 and carries a 7.2% annual interest rate. The construction commenced on 1 February 2020 and the store was completed and was ready for use on 30 November 2020. However, the construction was suspended for two months from 1 August to 30 September 2020 due to industrial action. The store has an estimated useful life of thirty years and the company charges depreciation on a monthly basis. ii. On 1 July 2020 CSC opened a new production unit in an area characterized by the government as an industrial development zone. On that day CSC received by the government a grant of $15 million against the $40 million total cost of the machinery and equipment of the production unit. This is to be depreciated proportionately using the straight-line method over a useful economic life of 10 years. Required: Explain the accounting treatment of the above items in the financial statements for the year ended 31 December 2020. You should include all relevant calculations. (30 m arks)