Problem 1

On January 1, 2021 an entity received a grant amounting to P10, 000,000 from the government for the purpose of defraying safety and environmental expenses over the period of three years.

The safety and environmental expenses will be incurred by the entity as follows

2021 2,000,000

2022 3,000,000

2023 1,000,000

Total 6,000,000

Required: Provide journal entries relating to the government grant

Problem 2

The entity received P5, 000,000 cash from the government to compensate massive fire loss.

Required: Provide journal entries related to the grant.

Problem 3

On January 1, 2021, an entity received P6, 000,000 as government grant to purchase a building that cost P25, 000,000. The useful life of the building is 5 years with no residual value. On January 1, 2023 the entire amount of the government grant becomes repayable due to failure in following all the necessary conditions of the government grant.

Required: Prepare journal entry regarding the grant under the deferred income approach and deduction from asset approach.

Pls complete answer 1-3 thanks!