Cranston LTD. prepares its financial statements according to International Financial Reporting Standards. In October 2021, the company received a $10 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: 10,000,000 10,000,000 Cash Revenue Equipment Cash 50,000,000 50,000,000 Required: 2. Prepare the correcting entries required under the two alternative accounting treatments allowed under IFRS. (Enter your answers in whole 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 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