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What is the carrying amount of the machine on December

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Problem - On January 1, 2019, Yolanda Company purchased a plating machine for P5,400,000. Yolanda received a government grant of P400,000 toward this capital cost. The machine is to be depreciated using straight line method with a five year life and no salvage value- The accounting policy is to treat the government grant as a reduction in the cost of the asset. What is the carrying amount of the machine on December 31 2020?

Reference no: EM132927306

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