Philippine accounting solution

For items 12 and 13, please refer to the following information: On January 1, 2021, ABC Company received cash of P4,000,000 from the government to be used in constructing a building. The construction was completed on December 31, 2021 for a total cost of 210,000,000. The building is depreciated over 20 years. On January 1, 2024, the government demanded repayment of the P4,000,000 grant. 12. Prepare the entry to record the repayment on January 1, 2024 under gross presentation. (5 pts.) 13. Prepare the entry to record the repayment on January 1, 2024 under net presentation. (5 pts.)