b) Drax Hall Limited bought a cruise boat valued at $20,300,000 to operate on the south coast of Jamaica. The government has decided to assist the company by giving the company a cash grant to offset of 40% of the value of the cruise boat. The boat qualifies as a depreciating asset according to IAS 20. Government Grants and is depreciated over a period of 10 years. Its residual value is expected to be nil. Required: a) Prepare extracts of Essential Limited's Income statement and statement of financial position to account for the first three (3) years for the above items using the deferred income method (12 marks)