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BTS Corp. formalized an agreement with the government on January 1, 2021. The agreement states that the government will give BTS P40,000,000 to construct an environment-friendly factory that will produce healthy food products. The agreement requires BTS to sell its food products below market price for 10 years, which is equivalent to the useful life of the factory. Also, it was agreed that if the government catches BTS selling its food products above market price, the entire amount of the grant given to BTS will be returned to the government. BTS finished the construction of the factory on January 1, 2021 for a total cost of P60,000,000. On January 1, 2022, BTS was caught by the government selling its food products above market price.
Problem 1: How much is the net value of the factory if the Deduction from Asset Approach is used?
Problem 2: Using the same facts, how much Loss on Repayment of the Grant will be recorded on January 1, 2022?
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