Journal entries: 1. Derived Tax Revenue: - Total Transactions that have taken place during the year 2019 resulted in an income for taxpayers, an amount of 6,000,000 - Tax rate for such transactions income is 9% Withholding income tax received during the year 2019, 165,000. - The remaining income tax for the above transactions is expected to be received after year end, however, 28% of this amount will not be received in time to be available for current liabilities (to settle current liabilities). 2. Government-Mandatory and Voluntary Non-Exchange Revenues (Reimbursement type grants). Grant allocated for project (No advance payment) - Total amount of grant is 3,500,000 - Qualified expenditures that have been incurred during the year 2019 is 1,800,000