Presentation Use the following information for the next three questions: On January 1, 20x1, Entity A received land with fair of 200,000 from the government conditioned on the construction of a building on the lot. Entity A started immediately the construction 5. On January 1, 20x1, Entity A receives a financial aid from the government amounting to P1M as compensation for losses it has incurred on a recent calamity. How much income from government grant will Entity A recognize in 20x1? a. 1,000,000 c. 53,334 b. 100,000 d. 0