In 2022, Sato Ltd. received a grant for 2 million to defray the cost of purchasing research
Question:
In 2022, Sato Ltd. received a grant for ¥2 million to defray the cost of purchasing research equipment for its manufacturing facility. The total cost of the equipment is ¥10 million. Prepare the journal entry to record this transaction if Sato uses
(a) The deferred revenue approach,
(b) The reduction of asset approach.
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Step by Step Answer:
a The deferred revenue approach Debit Research Equipment Asset 10000000 Credit Bank Cas...View the full answer
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Related Book For 
Intermediate Accounting IFRS
ISBN: 9781119607519
4th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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