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What amount of the grants is recognized as income

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Question - On January 2, 2020, Company A received a consolidated grant of Php 240,000,000.

Three-fourths of the grant is to be utilized to purchase a college building for students from underdeveloped or developing countries.

The balance of the grant is for subsidizing the tuition costs of those students for four years from the date of the grant.

The expected useful life of the building is 10 years and the company uses the straight-line method of depreciation.

Required - What amount of the grants is recognized as income for the year ended December 31, 2020?

Reference no: EM132784036

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