New York University ACCT-UB ACCT-UB 101 Chuchu Company received a government grant on January 1, 2021 amounting to P1,800,000 to subsidize tuition fees for a period of 5 years. On January
to P1,800,000 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 fully such grant to the government.
1.) What amount should be recognized as loss resulting from the repayment of the grant in 2023?
2.) What amount of grant should be recognized for 2021?
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