Band Group received a grant from the government of P100,000 to acquire P500,000 of delivery equipment on January 2, 2021. The delivery equipment has a useful life of 5 years. Rialto uses the straight-line method of depreciation. The delivery equipment has a zero-residual value. Required: If Band Group reports the grant as deferred grant revenue, answer the following questions. 1. What is the balance in the deferred grant revenue account at December 31, 2021? 2. What is the amount of depreciation expense related to the delivery equipment in 2022? 3. What is the amount of grant revenue reported in 2021 on the income statement