ABC company limited received a lumpsum amount of $ $500,000$ to cover for certain operatingI expenses over the next $5$ years, During the next $3$ years, the company received annual amounts of $ $50,000,$ $ $30,000,$ and $ $20,000$ as an additional grant. The company was unable to comply with the condition attached to the grant and was required to pay $75\%$ of the total grant received.Required:Prepare the final accounts extracts to record the repayment which was made at the commencement of the $4$ year. No further amounts were received over the next $2$ years.