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How much is the net revenue to be recognized

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On January 1, 2020, an entity receives a grant of P30 million from the Australian government in order to defray safety and environmental costs within the area where the entity is located. The safety and environmental costs are expected to be incurred over 4 years, respectively, P2 million, P4 million, P6 million and P8 million.

Problem 1: At the end of December 31, 2020, how much is the net revenue to be recognized for 2020 as a result of this transaction?

Group of answer choices

Option 1: 7,500,000

Option 2: 1,000,000

Option 3: 3,000,000

Option 4: 2,000,000

Reference no: EM132679382

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