Problem
On January 2, 2021 the government granted and transferred a land to F Company for a nominal consideration of Php10,000. The market value of the land on this date was Php10,000,000. The condition attached to the grant was F shall clean up the water pollution in the river for 10 years.
Task
If F elects to measure the land at the fair value, what amount of deferred income should he company report in its December 21, 2023 statement of financial position?