On January 1, 2020, Humility Company received a government grant of P60,000,000 to compensate for costs to be incurred in planting trees over a period of 5 years. The entity will incur such costs at 2,000,000 for 2020, P4,000,000 for 2021, P6,000,000 for 2022, P8,000,000 for 2023, and P10,000,000 for 2024. What amount of income from the government grant is recognized for 2020? a. 12,000,000 b. 8,000,000 c. 6,000,000 d. 4,000,000

On January 1, 2020, Humility Company received a government grant of P60,000,000 to compensate for costs to be incurred in planting trees over a period of 5 years. The entity will incur such costs at 2,000,000 for 2020, P4,000,000 for 2021, P6,000,000 for 2022, P8,000,000 for 2023, and P10,000,000 for 2024. What amount of income from the government grant is recognized for 2020? a. 12,000,000 b. 8,000,000 c. 6,000,000 d. 4,000,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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