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On 1 January 2018, Entity 1 received a £20,000 government grant relating to an equipment which cost £100,000 and had a useful life of five years. The grant was netted off against the cost of the equipment. An installation cost paid on 1 January 2018 was £10,000. A dismantling cost is expected to cost £15,000 in five years' time. On 1 January 2019, its use was changed so that it was no longer being used in accordance with the grant. This meant that the grant needed to be repaid in full but by 31 December 2019, this had not yet been done. For discounting purposes, a cost of capital of 10% per year is used.
Question (i) How much should be recognised as the initial cost for this equipment on 1 January 2018?
Question (ii) How much should the net depreciation be charged to the income statement for 2018?
Question (iii) Determine the carrying amount of this equipment as at 31 December 2019.
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