Cranston Limited prepares its financial statements according to International Financial Reporting Standards. In October 2024, the company received a $2 million government grant. The grant represents 20% of the total cost of equipment that will be used to improve the roads in the local area. Cranston recorded the grant and the purchase of the equipment as follows: Cash Revenue Equipment Cash Required: 2,000,000 2,000,000 10,000,000 10,000,000 2. Prepare the correcting entries required under the two alternative accounting treatments allowed under IFRS. Note: Enter your answers in dollars not in millions of dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 Record the correcting entry assuming that the company allows for the deduction of the grant in determining the initial cost of the asset. Note: Enter debits before credits. Alternative 1 General Journal Debit Credit Record entry Clear entry View general journal