On January 2, 2017, Parasail Company received a consolidated grant of P12,000,000. Three-fourths of the grant is to be utilized to purchase a college building for students from underdeveloped or developing countries. The balance of the grant is for subsidizing the tuition costs of those students for four years from the date of the grant The building was purchased in early January and is to be depreciated using the straight line method over 10 years. The tuition costs paid amounted to P600,000 during the current year. 9. What amount of the grant is recognized as income for the year ended December 31, 2017? a. 1,200,000 b. 3,000,000 c. 1,650,000 d. 1,050,000