Reference no: EM132567802
Question - On January 1, 20x1, Entity A received land with a 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.
How much is the carrying amount of the building on December 1, 20x2 under the Gross and Net presentations?
a. Gross - P900,000 Net - P720,000
b. Gross - P800,000 Net - P533,333
c. Gross - P1,000,000 Net - P800,000
d. Gross - P800,000 Net - P640,000
e. Answer not given
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