A coal mining firm has received a grants from government amounting to P10,000,000 to conduct exploration study

Fantastic news! We've Found the answer you've been seeking!

Question:

A coal mining firm has received a grants from government amounting to P10,000,000 to conduct exploration study on a specific area. Incurred expenses related to this exploration were Year 1, 1M, Year 2, 2M, and Year 3, 5M. Based on this information, what amount of revenue to be recognized in Year 2? P2,000,000 P2,500,000 P3,000,000 P8,000,000

Posted Date: May 18, 2024 10:05 AM

See More Questions

How are the interface and implementation sections of an Objective-C class specified?
1. What is the cost of completing this project if no overtime is used? How long will it take to complete the project? 2. What is the shortest amount of time in which the project can be completed?...
What is the role of the Ontario Securities Commission (OSC) in standard setting?
A pictorial or graphical representation of the overall flow of work, documents, and operations in an application system is shown in a(n) ( _____________ ). (a) IPO chart (b) forms distribution chart...
Benny purchased $400,000 of Peach Corporation face value bonds for $320,000 on November 13, 2013. The bonds had been issued with $80,000 of original issue discount because Peach was in financial...
Different people have different codes of ethics. What one person believes is ok, may not be ok for another person. For example, one employee believes that loud music with swear words should not be...
what contexts can a business leverage cross-functional teams to drive innovation and creativity ?
Management of WER Limited has decided not to disclose director's' fees in the accounts as they are not material. You cannot convince management to change its decision. However, you do agree that the...
Harmony Bright Bhd is a public company limited by share. The board of directors has agreed to issue 800,000 units of ordinary shares to finance a new plant. A prospectus was issued on 1 July 2020...
Urban Glam Cosmetics made purchases of lipstick in the current year as follows: Jan. 1 Beginning inventory 9 5 units @ $ 1 3 . 0 0 = $ 1 , 2 3 5 Mar. 1 4 Purchased 3 5 0 units @ $ 1 4 . 0 0 = 4 , 9 0...
A metal bowl with a weight of 1.10 N is placed in a larger kitchen container filled with coconut oil. How much coconut oil must the bowl displace in order to float? For reference, the mass density of...
Required: 1. Bond Issue A a. Were the bond A issued at a premium and/or discount? Mahalo Boat Adventure Inc. has a July 31 year-end. It showed the following partial amortization schedules regarding...
A dental clinic is earning a net monthly income of P35 000 with fixed expenses of P20 000. The clinic acquired a new machine worth P270 000 and plans to pay 25% advance payment and the balance by...
A public company may not use a disclosed basis of accounting for external public financial reporting.
Canadian companies must always prepare their annual financial statements in Canadian dollars.
A company may take a big bath in a loss year if management wishes to maximize future earnings.

A coal mining firm has received a grants from government amounting to P10,000,000 to conduct exploration study

Question:

Expert Answer:

Students also viewed these accounting questions