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Sir, here is a bit headache.
A company receives a government grant of $500000 on 1 April 20×7 to facilitate purchase on the same day of an asset which costs 750000. The asset has a five year useful life and depriciafed on a 30% reducing balance.
Company is to account for all grants received as deferred income.
What amount if income will he recognised in respect of of the grant in the year to 31 march?
Pleaseee?
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