Problem 24-9 (IFRS) On January 1, 2020, Goddess Company purchased a pleting machine for P5,400,000. The entity received a government grant of P400,000 toward the asset cost. The machine is to be depreciated on a 20% reducing balato basis over 10 years with residual value of P200,000. The accounting policy is to treat the government grantes, reduction in the cost of the asset. What is the carrying amount of the machine on 31, 2021? 4,000,000 b. 4,040,000 c. 8.456,000 3,200,000 December Problem 24-10 (IFRS) Patriotic Company purchased a machine for P6,600,000 Junuary 1, 2020 and received a government grant of P600.00 toward the asset cost. The accounting policy is to treat the grant as a reduction the cost of the asset. The machine is to be depreciated on a straight line bo over 10 years with a residual value of P500,000. On January 1, 2022, the grant became fully repayable beciw of noncompliance with conditions. 1. What is the depreciation for 2020? a 610,000 b. 600,000 c. 660,000 d. 550,000 2. What is the depreciation for 2022? . 610,000 b. 600,000 c. 780,000 d. 730,000 4