Amman Tourism Co. received a piece of land as a governmental grant. Cost of the...
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Accounting
Amman Tourism Co. received a piece of land as a governmental grant. Cost of the land is JOD 60'500, the nominal value of the land is JOD 56000, and its fair market value is JOD 65000.
Required:
1). Determine value that should be used to recognize the government grant
2). Journalize the above transaction
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