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What amount of income should be recognized in from grant

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Reference no: EM132562826

Question 1: Bruno received a grant of P10,000,000 from the government to compensate for the massive losses incurred because of a recent volcanic eruption. The grant was made for the purpose of giving immediate financial support to the entity. It will take the entity two years to reconstruct the assets destroyed by the volcano. What amount of income should be recognized in from grant in 2020?

Reference no: EM132562826

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