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How much is the depreciation expense recognized

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On January 1, 20x1, Entity A received land with fair value 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.

Question 1: How much is the depreciation expense recognized in 20x3 under the gross and net presentations?

Option 1: Gross - P100,000; Net - P80,000

Option 2: Gross - P100,000; Net - P100,000

Option 3: Gross - P80,000; Net - P100,000

Option 4: Gross - P80,000; Net - P80,000

Option 5: Answer not given

Reference no: EM132568122

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