Cranston Limited prepares its financial statements according to International Financial Reporting Standards. In October 2024, the compony received a $8 million government grant. The grant represents 10% 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: Required: 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. Journal entry worksheet 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 acbits before credis. Cronston Limited prepares its financial statements according to International Financial Reporting Standards. In October 2024, the company received a $8 million government grant. The grant represents 10% 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: Required: 2. Prepare the correcting entries required under the two alternative accounting treatments aliowed 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. Journal entry worksheet Pecord the correcting entry aswuming that the company recerds the grant as a liability, deferred income. Notei friter oetits before credits