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What entries would be accounted for in income statement

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Question - A PLC received a grant for £160,000 which was invested into an asset costing £400,000. The asset will last 4 years and has a residual value of nil. If the grant were to be show separately as deferred income, what entries would be accounted for in Income Statement in year 1?

a. Depreciation of £100,000

b. Depreciation of £100,000 and other income of £40,000

c. Depreciation of £60,000

d. Depreciation of £60,000 and other income of £40,000

Reference no: EM133087303

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