Deferral method of accounting!

Example: The Government pledged grants to cover current operating costs amounting to $50,000 and additional grants of $100,000 to purchase equipment. Half of the total government grant amounts were received with the balance expected by early 2011.

Journal entry for this is:

. Cash $75,000

Government Grant Receivable $75,000

Contribution Revenue (current ops = recognize revenue now) $50,000

Deferred Revenue (for equip defer til amort. exp) 100,000

What is the journal entry for this scenario:

The Government pledged grants to cover current operating costs ($100,000) and to purchase equipment ($50,000). None of the government grant amounts were received at this time. The monies were expected to be received in early 2014.