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What is the depreciation expense for the asset

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Reference no: EM132695398

Government grant

Lee Company received an P1,800,000 subsidy from the government to purchase manufacturing equipment on January 2, 2020. The equipment has a cost of P3,000,000, a useful life a six years, and no salvage value. Lee depreciates the equipment on a straight-line basis.

Required: Under each of the following independent cases:

Question 1. What is the book value of the asset on December 31, 2020?

Question 2. What is the depreciation expense for the asset in 2020?

Question 3. Prepare journal entries in 2020

Reference no: EM132695398

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