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On May 10, 2019, DEF Company received a grant of Php 8,000,000 from the Philippine Government for the construction of a laboratory and research facility

On May 10, 2019, DEF Company received a grant of Php 8,000,000 from the Philippine Government for the construction of a laboratory and research facility with an estimated cost of Php 10,000,000 and a useful life of 5 years. The facility was completed in early 2020. How much should DEF Company include in its 2020 income statement as income from the government?

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