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Problem 24-11 (IFRS) On January 1, 2021, Easy Company received a grant of P1,500,000 from the government to subsidize tuition fees fo 5 years. On January 1, 2023, the entity violated certain conditions attached to the grant, and therefore had to repay fully such grant to the government. 1. What amount should be reported as grant income for 2021? a. 1,500,000 b. 600,000 с. 300,000 d. 0. 2. What amount should be recognized as loss from repayment of grant in 2023? а. 1,500,000 b. 900,000 с. 600,000

Problem 24-11 (IFRS) On January 1, 2021, Easy Company received a grant of P1,500,000 from the government to subsidize tuition fees fo 5 years. On January 1, 2023, the entity violated certain conditions attached to the grant, and therefore had to repay fully such grant to the government. 1. What amount should be reported as grant income for 2021? a. 1,500,000 b. 600,000 с. 300,000 d. 0. 2. What amount should be recognized as loss from repayment of grant in 2023? а. 1,500,000 b. 900,000 с. 600,000

FINANCIAL ACCOUNTING
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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Problem 24-11 (IFRS) On January 1, 2021, Easy Company received a grant of P1,500,000 from the government to subsidize tuition fees fo 5 years. On January 1, 2023, the entity violated certain conditions attached to the grant, and therefore had to repay fully such grant to the government. 1. What amount should be reported as grant income for 2021? a. 1,500,000 b. 600,000 с. 300,000 d. 2. What amount should be recognized as loss from repayment of grant in 2023? a. 1,500,000 b. 900,000 600,000 d. с. Problem 24-12 (IFRS) On January 1 '2021 Lion Com
Transcribed Image Text:Problem 24-11 (IFRS) On January 1, 2021, Easy Company received a grant of P1,500,000 from the government to subsidize tuition fees fo 5 years. On January 1, 2023, the entity violated certain conditions attached to the grant, and therefore had to repay fully such grant to the government. 1. What amount should be reported as grant income for 2021? a. 1,500,000 b. 600,000 с. 300,000 d. 2. What amount should be recognized as loss from repayment of grant in 2023? a. 1,500,000 b. 900,000 600,000 d. с. Problem 24-12 (IFRS) On January 1 '2021 Lion Com
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