Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 1, 20x1, entity a received a land with

On January 1, 20x1, Entity A received a land with fair of P200,000 from the...

80.2K

Verified Solution

Question

Accounting

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.

image

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 0

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students