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Jordan Limited is a relatively new company in the corn industry. Potato Limited was awarded a government grant of $500,000 on 1 March 20X5, the

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Jordan Limited is a relatively new company in the corn industry. Potato Limited was awarded a government grant of $500,000 on 1 March 20X5, the details of which are as follows: $300 000 is to assist with the purchase of a new harvester, $200,000 is for immediate financial support and is not associated with any future costs or expenses; All conditions attaching to the grant have been met. . . Later that day, the harvester was acquired for $900,000. The harvester has a useful life of 5 years and, at the end of its useful life, Potato Limited expects to sell it for $50,000 as salvage value. Required: Show the general journal entries for the year 20x5 the deferred income method. Your

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