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What should be the carrying amount of the machine

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Reference no: EM133064828

Question - Maker company acquired a rice milling machine to be used by farmers for P900,000 on January  1, 2020. The company received a government grant of P81,000 in respect of this asset. Company policy was to depreciate the asset over 4 years on a straight-line basis and to treat the grant as deferred income.

Required -

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

2. What the deferred income balance at December 31, 2021 of Maker Company?

Reference no: EM133064828

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