Grant related to an asset
On Apr 01, 01, entity E acquires a new building for CU 600 to be used for administrative purposes. It has a useful life of 30 years. The building is available for use on the same date.
Since the building is located in a development area, E receives a government grant of CU 120 on Apr 01, 01. Starting on this date there is reasonable assurance that E will comply with the conditions attaching to the grant.
Required
Prepare any necessary entries in E”s financial statements as at Dec 31 for the years 01 and 02. The grant is presented in E”s statement of financial position according to the
(a) gross method,
(b) net method.
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