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How much should be grant income for the first year

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Reference no: EM132925002

Question - How much should be grant income for the first year of grant for each of the following cases:

1. A 10-year, non-interest bearing, 20,000,000 term loan was received from the Philippine government. Without the loan from the government, the entity would need to pay 8% interest per year.

2. 3,000,000 government grant was received to support the continued existence of the entity. The entity was heavily affected by the ash fall from a nearby volcano. The entity has a total legal life of 50 years and is on its 40th year.

Reference no: EM132925002

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