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

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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