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How much deferred grant income should be reported

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Question 1: The Baguio City Government granted Friday Corporation a four-year, zero-interest loan of P8,000,000 on Jan. 1, 2020. For this kind of loan, the prevailing market interest rate is 8%. The PV of 1 at 8% for four periods is 0.735, while the PV of an ordinary annuity of 1 at 8% for four periods is 3.312. On Dec. 31, 2021, how much deferred grant income should be reported?

Reference no: EM132988249

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