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What amount recognized in income from government grant

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Question 1: On January 01, 2020, ML Company is granted a large tract of land in the province of CEBU by the Philippine government. The fair value of the land is P40, 000,000. The entity is required by the grant to construct chemical research facility and employ personnel residing in the province. The estimated cost of the facility is P45, 000,000 with useful life of 10 years. The facility was completed and ready for the intended use on January 01, 2021. What amount should be recognized in 2022 as income from the government grant?

Reference no: EM132563479

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