Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On 01/01/2020, the government provided 1.5 million cash to the company as a grant in order to reducing environmental pollution, and the company expected that

On 01/01/2020, the government provided 1.5 million cash to the company as a grant in order to reducing environmental pollution, and the company expected that the useful life for this grant is 5 years. The company paid the following costs during the 4 years.

1st year

450,000

2ed year

300,000

3ed year

350,000

4th year

500,000

Total

1,600,000

Required: Accounting transaction entry related to grant revenue at the second year is.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Implementing Standardized Work Training And Auditing

Authors: Alain Patchong

1st Edition

146656363X, 978-1466563636

More Books

Students also viewed these Accounting questions

Question

I receive useful feedback about my performance.

Answered: 1 week ago

Question

I am encouraged to offer opinions/suggestions.

Answered: 1 week ago