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Prepare the journal entry to record this transaction

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Question - In 2022, Marigold Ltd. received a grant for ¥2.48 million to defray the cost of purchasing research equipment for its manufacturing facility. The total cost of the equipment is ¥12.4 million.

Required - Prepare the journal entry to record this transaction if Marigold uses (a) the deferred revenue approach, and (b) the reduction of asset approach.

Reference no: EM133157344

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