On January 2, 2021, Tripod Company receives a government loan of P2,000,000 paying a coupon interest of 1% per year. The loan is repayable at the end of year 6. Tripod Company’s borrowing cost is 7% per annum. The below-market interest is provided by the government to enable Tripod Company to bear cost of 1% per annum on the nominal value of the loan. What amount of income from government grant should Tripod Company recognized on December 31, 2022? What amount of deferred income from government grant should Tripod Company report on December 31, 2023?

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