On January 2, 2020. Kimchi Company received a grant of 60,000,000 to compensate it for cost it incurred in planting trees over a period of five years. Kimichi Company will incur such cost in this manner. 2020 - 2,000,000 2021 - 4,000,000 2022 - 6,000,000 2023 - 8,000,000 2024 -10,000,000 what amount of income should Kimchi company recognize at the end of year 2023?

On January 2, 2020. Kimchi Company received a grant of 60,000,000 to compensate it for cost it incurred in planting trees over a period of five years. Kimichi Company will incur such cost in this manner. 2020 - 2,000,000 2021 - 4,000,000 2022 - 6,000,000 2023 - 8,000,000 2024 -10,000,000 what amount of income should Kimchi company recognize at the end of year 2023?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter3: Income Sources

Section: Chapter Questions

Problem 88P

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