45 A fixed asset is purchased for $. 20 lakhs. Government grant received towards it is $. 8 lakhs. Residual Value is $. 4 lakhs and useful life is 4 years. Assume depreciation on the basis of Straight Line method. Asset is shown in the balance sheet net of grant. After 1 year, grant becomes refundable to the extent of $. 5 lakhs due to non- compliance with certain conditions. Pass journal entries for first two years