Magna Corporation is provided a grant by a foreigner government for the purpose of acquiring land for a building site. The grant is a zero-interest loan for 5 years evidenced by a promissory note.

The loan was granted on January 1, 2020 for 8,000,000. The market rate of interest is 6%. The present value of 1 for 5 periods at 6% is 0.7473.

Assume that interest expense and grant income are not offset against each other, determine: 1. Amount of interest reported in 2022 2. Amount of grant income realized in 2023 3. Amount of deferred grant income as of December 31, 2024