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Prepare journal entries to record transactions for ccc co

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Reference no: EM132851888

On January 1, 2018, CCC Company is granted a large tract of land in the Cordillera region by the Philippine government. The fair value of the land is P40,000,000 and assessed value of P 39,800,000. CCC Company is required by the grant to construct chemical research facility and employ only personnel residing in the said region. The estimated cost of the facility is P45,000,000 with useful life of 10 years. The facility was completed and ready for its intended use on January 1, 2019.

Problem 1: Prepare journal entries to record transactions for 2018 to 2019.

Reference no: EM132851888

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