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What amount should be included in the income statement

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Question 1: On January 01, 2020, GCD Company received a grant of P10,000,000 from the japanese Government for the construction of a corona virus laboratory and a research facility with an estimated cost of P15,000,000 and useful life of 5 years. The laboratory and research facility was completed and ready for its intended use on January 01, 2021. What amount should be included in the 2021 income statement as income from the government grant?

Reference no: EM132563474

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