On December 5 2020, the company purchased new machinery from Nine Bhd for $45,000. The new machinery, like the rest of the company's machinery, will be depreciated at 15% per year using the reducing balance technique on a yearly basis. Nonetheless, the residual value of new machinery is estimated to be $5,000. On that date, the government provided a grant of $20,000 for the purchase of new machinery, and the remaining balance was paid by cheque. The company's policy is to adopt the net-off method technique for obtaining a government grant

prepare the relevant journal entries for the financial year ended 31 December 2020. Show all workings.