On January 2, 2021 the government granted and transferred a land to F Company for a nominal
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Question:
On January 2, 2021 the government granted and transferred a land to F Company for a nominal consideration of Php10,000. The market value of the land on this date was Php10,000,000. The condition attached to the grant was F shall clean up the water pollution in the river for 10 years.
Question:
If F elects to measure the land at the fair value, what amount of deferred income should he company report in its December 21, 2023 statement of financial position?
Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
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