On January 1 , 2005, Barlig Company is granted a large tract of land
in the Cordillera region by the Philippine government. The fair value of the land is P40 million. Barlig Company is required by the grant to construct chemical research facility and employ only personnel residing in the Cordillera region. The estimated cost of the facility is P45 million with useful life of 10 years. The chemical research facility was completed and ready for its intended use on January 1, 2006.
Barlig Company should recognize in 2006 an income form government grant at
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