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Prepare extracts of ESS Limited Income statement

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Reference no: EM133035653

Question - E.S.S Limited bought equipment valued at $5,100,000 to be used in controlling pollution in their area of operation. The government has decided to assist the company by granting the company a subsidy of 50% of the value of the asset. The equipment qualifies as a depreciating asset according to IAS 20, Government Grants and is depreciated over a period of 4 years. Its residual value is expected to be nil.

Required - Prepare extracts of E.S.S Limited's Income statement and statement of financial position to account for the first three (3) years for the above items using the deferred income method?

Reference no: EM133035653

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