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Amman Tourism Co. received a piece of land as a governmental grant. Cost of the...

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Question

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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