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An entity received a government grant under the following independent situations: Problem 24-1 (PAS 20) 1. An entity received a grant of P30,000,000 from the British government in order to defray safety and environmental costs within the area where the entity is located. The safety and environmental costs are expected to be incurred over four years, respectively, P2,000,000, P4,000,000, P6,000,000 and P8,000,000. 2. An entity received a grant of P40,000,000 from the American government for the construction of laboratory and research facility with an estimated cost of P50,000,000 and useful life of 20 years. 3. An entity is granted a large tract of land in Cordillera by the Philippine government. The fair value of the land is P50,000,000. The grant requires that the entity shall construct a factory and employ only personnel residing in the Cordillera region. ree- aldir antri The cost of the factory is P80,000,000 with useful life of 20 e bala years. e stu Australian government to compensate for massive losses incurred because of a recent earthquake. ebuilds epreci 1. An entity received a grant of P10,000,000 from the Prepare journal entries for the first year to record each ndependent government grant Required: buition

An entity received a government grant under the following independent situations: Problem 24-1 (PAS 20) 1. An entity received a grant of P30,000,000 from the British government in order to defray safety and environmental costs within the area where the entity is located. The safety and environmental costs are expected to be incurred over four years, respectively, P2,000,000, P4,000,000, P6,000,000 and P8,000,000. 2. An entity received a grant of P40,000,000 from the American government for the construction of laboratory and research facility with an estimated cost of P50,000,000 and useful life of 20 years. 3. An entity is granted a large tract of land in Cordillera by the Philippine government. The fair value of the land is P50,000,000. The grant requires that the entity shall construct a factory and employ only personnel residing in the Cordillera region. ree- aldir antri The cost of the factory is P80,000,000 with useful life of 20 e bala years. e stu Australian government to compensate for massive losses incurred because of a recent earthquake. ebuilds epreci 1. An entity received a grant of P10,000,000 from the Prepare journal entries for the first year to record each ndependent government grant Required: buition

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Problem 24-1 (PAS 20)
On Janua local gover near the s Prepare journal entries for the first year to record each Australian government to compensate for massive losses baition costs paid in The conditi clean up th the village Problem 24-1 (PAS 20) An entity received a government grant under the following independent situations: 1. An entity received a grant of P30,000,000 from the British government in order to defray safety and environmental costs within the area where the entity is located. The governm Forkers. The entire op ust P10,000,C The safety and environmental costs are expected to be incurred over four years, respectively, P2,000,000, P4,000,000, P6,000,000 and P8,000,000. This amount w 2021, and F The fair value c 2. An entity received a grant of P40,000,000 from the American government for the construction of laboratory and research facility with an estimated cost of P50,000,000 and useful life of 20 years. Bequired: hepare journal e be grant. 3. An entity is granted a large tract of land in Cordillera by the Philippine government. The fair value of the land is P50,000,000. troblem 24-3 (I. The grant requires that the entity shall construct a factory and employ only personnel residing in the Cordillera region. the beginning of nsolidated gran ree-fourths of the ding for studer untries. The cost of the factory is P80,000,000 with useful life of 20 e balance of the gr e students for fou years. 4. An entity received a grant of P10,000,000 from the building was purca epreciated using st incurred because of a recent earthquake. Required: uired: independent government grant. are i
Transcribed Image Text:On Janua local gover near the s Prepare journal entries for the first year to record each Australian government to compensate for massive losses baition costs paid in The conditi clean up th the village Problem 24-1 (PAS 20) An entity received a government grant under the following independent situations: 1. An entity received a grant of P30,000,000 from the British government in order to defray safety and environmental costs within the area where the entity is located. The governm Forkers. The entire op ust P10,000,C The safety and environmental costs are expected to be incurred over four years, respectively, P2,000,000, P4,000,000, P6,000,000 and P8,000,000. This amount w 2021, and F The fair value c 2. An entity received a grant of P40,000,000 from the American government for the construction of laboratory and research facility with an estimated cost of P50,000,000 and useful life of 20 years. Bequired: hepare journal e be grant. 3. An entity is granted a large tract of land in Cordillera by the Philippine government. The fair value of the land is P50,000,000. troblem 24-3 (I. The grant requires that the entity shall construct a factory and employ only personnel residing in the Cordillera region. the beginning of nsolidated gran ree-fourths of the ding for studer untries. The cost of the factory is P80,000,000 with useful life of 20 e balance of the gr e students for fou years. 4. An entity received a grant of P10,000,000 from the building was purca epreciated using st incurred because of a recent earthquake. Required: uired: independent government grant. are i
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