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On January 1, 20x1, Entity A received a land with fair of P200,000 from the government conditioned on the construction of a building on the
On January 1, 20x1, Entity A received a land with fair of P200,000 from the government conditioned on the construction of a building on the lot. Entity A started immediately the construction and it was completed on December 31, 20x1 for a total cost of P1,000,000. The building has an estimated useful life of 10 years and zero residual value.
How much is the income from government grant in 20x1 20x2, respectively? 20x1 20x2 200,000 b. 200,000 0 co 20,000 d. 20,000 20,000 a 0Step by Step Solution
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