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PROBLEM 24-7 (IFRS)

PROBLEM 24-7 (IFRS)

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 24-7 (IFRS)
Problem 24-8 (IFRS) Prepare journal entries for 2020, 2021 and 2022. Problem 24-7 (IFRS) Racquel Company purchased a machine for P3,000,000 on January 1, 2020. The entity received a government grant of P500,000 in respect of this asset. The policy is to depreciate the asset over 5 years on a straight une basis and to treat the grant as deferred income. On January 1. 2022, the grant became fully repayable because noncompliance with conditions. Required: Problem 24-8 (IFRS)
Transcribed Image Text:Problem 24-8 (IFRS) Prepare journal entries for 2020, 2021 and 2022. Problem 24-7 (IFRS) Racquel Company purchased a machine for P3,000,000 on January 1, 2020. The entity received a government grant of P500,000 in respect of this asset. The policy is to depreciate the asset over 5 years on a straight une basis and to treat the grant as deferred income. On January 1. 2022, the grant became fully repayable because noncompliance with conditions. Required: Problem 24-8 (IFRS)
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