Intellect intelligence Co receives a government grant of $400,000 on 1st April 20X6 to facilitate purchase on the same day of an asset which costs $600,000. The asset has a five-year useful life and is depreciated on a 25% reducing balance basis. Company policy is to account for all grants received as deferred income. (1) What amount of income will be recognised in respect of the grant in the year to 31st March 20X7? [ Select ] (2) What amount of income will be recognised in respect of the grant in the year to 31st March 20x8? [ Select ]