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How much grant income should be reported

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Question 1: Thursday Corporation got a P10,000,000 grant from the Cuban government on Jan. 1, 2020, for the building of a laboratory and research facility with an anticipated cost of P15,000,000 and a 5-year useful life. On Jan. 1, 2021, the laboratory and research facility was finished and ready for usage. How much grant income should be reported in the 2021 income statement?

Reference no: EM132988247

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