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Lee Company received an P 1,800,000 subsidy from the government to purchase manufacturing equipment on January 2, 2021. The equipment has a cost of P
Lee Company received an P 1,800,000 subsidy from the government to purchase manufacturing equipment on January 2, 2021. The equipment has a cost of P 3,000,000, a useful life a six-years, and no salvage value. Lee depreciates the equipment on a straight-line basis. If Lee chooses to account for the grant as deferred revenue, the grant revenue recognized will be
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