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In 2022, Martinez Ltd. received a grant for V2.48 million to defray the cost of...

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Accounting

In 2022, Martinez Ltd. received a grant for V2.48 million to defray the cost of purchasing research equipment for its manufacturing facility. The total cost of the equipment is Y 12.4 million.
Prepare the journal entry to record this transaction if Martinez uses (a) the deferred revenue approach, and (b) the reduction of asset approach.

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