How much is loss on repayment of government grant recognized

Assignment Help Accounting Basics

Reference no: EM132817672

Problem 1: On January 1, 20x1, DREARY DISMAL Co. received cash of ?16,000,000 from the government to be used in constructing a building. The construction was completed on December 31, 20x1 for a total cost of ?40,000,000. The building is depreciated over 20 years. On January 1, 20x4, the government demanded repayment of the ?16,000,000 grant given as grant in 20x1. How much is the loss on repayment of government grant recognized in 20x4?

a. 2,800,000

b. 1,800,000

c. 1,600,000

d. 0

Reference no: EM132817672

Questions Cloud

How humans are impacting natural systems : The modern landscape of environmental issues is tremendously complex. In this class, we have explored how humans are impacting natural systems.

How much is the capitalizable borrowing cost for enervate co : How much is the capitalizable borrowing cost? The construction of the qualifying asset was started on immediately and expenditures incurred

Evaluate and record financial data for organisation : Suppose you need to collect, evaluate and record financial data for your organisation. Answer the following questions: Where will you find information you need

How much is the capitalizable borrowing cost : By the end of the project on December 31, 20x1, investment income of ?600,000 had been earned. How much is the capitalizable borrowing cost?

How much is loss on repayment of government grant recognized : How much is the loss on repayment of government grant recognized in 20x4? DREARY DISMAL Co. received cash of ?16,000,000 from the government

What is the present value today : Currently they have a total of $25,000 in a savings account. What is the present value today of the $25,000 in the couple's savings account

How much is the loss on repayment of government : Government demanded repayment of the ?16,000,000 given as grant in 20x1. How much is the loss on repayment of government grant recognized in 20x3?

How might improve the outcome of the programs : In order to achieve their overall mission, the center is looking into how tobacco cessation programs targeting the LatinX community can be improved.

What is the maximum amount SRK Ltd would be willing to pay : Question - SRK Ltd produces three different products. What is the maximum amount SRK Ltd. would be willing to pay for another 100 machine hours

User Account

All Pages