On 1/1/2016, the University of Jordan received a government grant in cash amounting to 600,000 dinars...

 

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On 1/1/2016, the University of Jordan received a government grant in cash amounting to 600,000 dinars as a contribution from the government to cover the fees of some students with low incomes, knowing that the amount covers a period of 6 years equally on 15/6/2021 the government entity providing the grant above demanded the University of Jordan in the amount of 150,000 as part What is required: a statement of how to process the grant for all years assuming that the University of Jordan used the method of presenting the grant as a Mugel income On 1/1/2016, the University of Jordan received a government grant in cash amounting to 600,000 dinars as a contribution from the government to cover the fees of some students with low incomes, knowing that the amount covers a period of 6 years equally on 15/6/2021 the government entity providing the grant above demanded the University of Jordan in the amount of 150,000 as part What is required: a statement of how to process the grant for all years assuming that the University of Jordan used the method of presenting the grant as a Mugel income

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Solution Grant received 600000 Deferred revenue method 600000 per six years Year 1 ... View the full answer