Reference no: EM132612800
Problem 1: On January 1, 20x1, Entity A received 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 no residual value. How much is the income from government grant in 20x1 and 20x2, respectively?
Option A. 20x1-P0.00 ; 20x2-P 20,000
Option B. 20x1-P0.00 ; 20x2 - P 200,000
Option C. 20x1-P200,000 ; 20x2 - P 0.00
Option D. Answer not given
Option E. 20x1-P20,000 ; 20x2-P20,000
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