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Question - On August 1, 2020, the national government granted XYZ Co. a parcel of land located in Cavite. On the date of grant, the land had a fair value of 2,000,000. The company paid documentation expenses and legal fees to execute the grant amounting to 200,000. The grant required the company to construct a cold storage building on the site, which was completed by the end of October under a 4,000,000 fixed price contract with ABC constructions. The fair market value of the building which had an estimated useful life of 20 years, upon finishing the construction was ascertained to be 4,500,000.
Required -
1. How should the Land be presented as at the end of the first year?
2. How much should the facility be presented as at the end of the first year?
3. How much should the deferred income from government grant be presented as at the end of the first year?
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