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What amount be reported as deferred income on december

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Problem 1: On January 1, 2020, Pharoah Company purchased a varnishing machine for P6,000,000 . The entity received a government grant 2020, of P540,000 in respect of this asset. 2023 The accounting policy is to depreciate the asset over 4 years on it is a straight line basis and to treat the grant as deferred income. What amount should be reported as deferred income on December 31, 2021?

a. 270,000

b. 405,000

c. 135,000

d. 540,000

Reference no: EM132784224

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