Perrot recorded an item of property, plant and equipment at 1,200,000 and deducted a grant of 300,000 from its cost. Useful life: 10 years, straight-line depreciation with no residual value (case conventions). Record the depreciation entry for the first year.
- Cost of the item of property, plant and equipment
- 1,200,000
- Grant deducted from cost
- 300,000
- Useful life
- 10