Multiple Choice
In 2021, StartUp Inc. (SU) set up a new manufacturing facility in Manitoba. To encourage SU to set up its factory, the province provided equipment with a fair market value of $45,000 and an estimated useful life of 5 years using straight-line depreciation. What journal entry would be required in fiscal 2022, if the net method is used?
A) No entry is required.
B) A credit to other comprehensive income - donated assets of $9,000.
C) A credit to deferred income of $9,000.
D) A credit to accumulated depreciation for $9,000.
Correct Answer:
Verified
Correct Answer:
Verified
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