On January 1st, the Government of Catalonia awards us a grant to finance furnitu...
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On January 1st, the Government of Catalonia awards us a grant to finance furniture for a new soup kitchen we want to open in Barcelona. The total cost of that furniture is €240,000, and the grant covers 75% of that amount. The estimated useful life of that furniture is 10 years. We receive the grant money on January 31st and acquire the furniture on February 1st.
The moment we are awarded the grant, we have to enter it into the books as follows:
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