What amount of revenue to be recognized, Accounting Basics

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What amount of revenue to be recognized

Question: A coal mining firm has received a grants from government amounting to P10,000,000 to conduct exploration study on a specific area. Incurred expenses related to this exploration were Year 1, 1M, Year 2, 2M, and Year 3, 5M. Based on this information, what amount of revenue to be recognized in Year 2? P2,000,000 P2,500,000 P3,000,000 P8,000,000

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