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How much grant income should be recognized

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Problem 1: Holiday Corporation got a P5,900,000 grant from the Korean government at the start of the current year to compensate for significant damages caused by a recent tsunami. The grant was provided to provide the corporation with urgent financial assistance. The corporation will need two years to rebuild the assets damaged by the tsunami. In the current year, how much grant income should be recognized?

Reference no: EM132988254

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