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Question - At the beginning of the current year, A Company received a total grant of P10,000,000. 60% of the grant was provided in order to purchase a building to be used as a school for underprivileged students, while the balance will be used to subsidize their tuition fees.
The building was bought at the beginning of the year for a purchase price of P50,000,000 and was estimated to have a useful life of 25 years, with a useful life of P500,000. On the other hand, the tuition subsidy will be offered evenly over the period of 5 years.
The company's policy is to depreciate PPE using the straight line method, and to use deduction from asset approach for grants related to acquisition of assets.
Determine the total effect on net income in year 1 due to transactions related to the building and the government grant.
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