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Problem 8

ABC corporation received P10,000,000 from the City of Caloocan in relation to defraying its research expenses in relation to COVID-19 for the next 5 years.

The research expenses will be incurred by the entity as follows:

1^st year P2,000,000

2^nd year 1,000,000

3^rd year 3,000,000

4^th year 4,000,000

5^th year 2,500,000

P12,500,000

The grant income to be recognized in the second year should be?

Flag question: Question 20

Question 205 pts

Problem 9

On January 1, 2020, ABC corporation received P8,000,000 from the City of Caloocan to construct an overpass in the intersection of Camarin. The cost of the overpass is P25,000,000, with a useful life of 20 years.

How much is the carrying value of the overpass as of December 31, 2021 assuming ABC used the deduction to asset approach?