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Calculate the amount that should be recognized as a loss

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Reference no: EM132988258

On Jan. 1, 2019, Tuesday Corporation received a P1,500,000 government grant to subsidize tuition fees for a five-year period. On Jan. 1, 2021, the entity violated certain grant conditions and was forced to repay the entire grant to the government.

Problem 1: Calculate the grant income for 2019.

Problem 2: Calculate the amount that should be recognized as a loss as a result of the grant repayment in 2021.

Reference no: EM132988258

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