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Question - Patriotic Company purchased a machine for P8,500,000 on January 1, 2020 and received a government grant of P1,000,000 toward the asset cost. The accounting policy is to treat the grantas a reduction in the cost of the asset. The machine is to be depreciated on a straight-line basis over 5 years with a residual value of P500,000. On January 1, 2022, the grant became fully repayable because of noncompliance with conditions.
Required -
1. What is the depreciation for 2020?
A. 1,700,000
B. 1,600,000
C. 1,500,000
D. 1,400,000
2. What is the depreciation for 2022?
A. 1,400,000
B. 1,800,000
C. 1,600,000
D. 2,000,000
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