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What amount should be recognized as income

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Question - On January 1, 2020, UTANG Company received a consolidated grant of P15,000,000. 75% of the grant will be utilized to purchase a building depreciated over 10yrs. and the balance of the grant is for subsidizing the tuition costs of students for 5yrs. In the current year paid the tuition cost amounted to P500,000.

Required - What amount should be recognized as income for the current year?

Reference no: EM132535473

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