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At the beginning of this fiscal year the Duff Beer Brewing Company received some help...

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Accounting

  1. At the beginning of this fiscal year the Duff Beer Brewing Company received some help from the Province of PEI and the Government of Canada. $50,000 was received as a capital grant to assist with the acquisition of new packaging equipment which was also acquired, paying cash, at the beginning of this fiscal year. The $100,000 equipment is being amortized on a straight line basis, with an estimated useful live of ten years and no residual value. Using the deferral method, prepare the journal entries to record the receipt of the government money, the purchase of the equipment and the full year amortization expense on the new equipment.
  2. Using the same information in question 1, prepare the journal entries using the net method.

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