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constr ruction and it was compl ng has an estimated usef How much is th following press

constr ruction and it was compl ng has an estimated usef How much is th following press

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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On January 1, 2021, Entity A received land with fair of PHP 200,000 from the government conditioned on the construction of a building on the lot. Entity A started immediately the construction and it was completed on December 31, 2021 for a total cost of PHP 1,000,000. The building has an estimated useful life of 10 years and zero residual value. How much is the carrying amount of the building on December 31, 2022 under the following presentation? Gross Presentation Net Presentation a. 1,000,000 800,000 b. 900,000 720,000 с. 800,000 640,000 d. 800,000 533,333
Transcribed Image Text:On January 1, 2021, Entity A received land with fair of PHP 200,000 from the government conditioned on the construction of a building on the lot. Entity A started immediately the construction and it was completed on December 31, 2021 for a total cost of PHP 1,000,000. The building has an estimated useful life of 10 years and zero residual value. How much is the carrying amount of the building on December 31, 2022 under the following presentation? Gross Presentation Net Presentation a. 1,000,000 800,000 b. 900,000 720,000 с. 800,000 640,000 d. 800,000 533,333
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