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What is the deferred income balance at december

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Reference no: EM133091070

Question - ABC Company acquired a rice milling machine to be used by farmers for P 900,000 on January 1, 2020. The company received a government grant of P 81,000 in respect of this asset. It is the policy of the entity to depreciate the asset over 4 years on a straight line basis and to treat the grant as deferred income.

1) What should be the carrying amount of the machine as of December 31, 2021?

2) What is the deferred income balance at December 31, 2021?

3) What is the realized income from government grants in 2022?

Reference no: EM133091070

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