On January 1, 2021, Robin Company received a grant of P1,500,000 frorm the government to subsidize tuition fees for a period of 5 years. On January 1, 2023, the entity violated certain conditions attached to the grant, and therefore had to repay such grant to the government. What amount should be recognized as loss resulting from the repayment of the grant in 2023?
On January 1, 2021, Robin Company received a grant of P1,500,000 frorm the government to subsidize tuition fees for a period of 5 years. On January 1, 2023, the entity violated certain conditions attached to the grant, and therefore had to repay such grant to the government. What amount should be recognized as loss resulting from the repayment of the grant in 2023?
Chapter16: Accounting Periods And Methods
Section: Chapter Questions
Problem 15DQ
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Transcribed Image Text:On January 1, 2021, Robin Cormpany received a grant of P1,500,000 frorm the government to subsidize
tuition fees for a period of 5 years. On January 1, 2023, the entity violated certain conditions attached to
the grant, and therefore had to repay such grant to the government. What amount should be recognized
as loss resulting from the repayment of the grant in 2023?
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