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Prepare the journal entry to record transaction for sato ltd

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In 2019, Sato Ltd. received a grant for P2 million to defray the cost of purchasing research equipment for its manufacturing facility. The total cost of the equipment is P10 million.

Problem 1: Prepare the journal entry to record this transaction if Sato uses (a) the deferred revenue approach, and (b) the reduction of asset approach.

Reference no: EM132984716

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