QUESTION THREE

$[30]$

A manufacturing enterprise trading as Going Places $($Pty$)$ Ltd employs mostly the local population. The company has been awarded a government grant of R$400000$ on $1$ January $2023$ for its efforts in respect of job creation. This grant was given to Going Places $($Pty$)$ Ltd to subsidise $20\%$ of future wages. The company had complied with all the conditions laid out to obtain the grant during the previous financial year $(2022).$ The only condition that remained on $1$ January $2023$ is to incur future wages.

$\backslash$table$[[$Wages incurred:,R$],[31$ December $2023,600000],[31$ December $2024,800000],[31$ December $2025,1000000]]$

Required:

Provide the journal entries in the company's general journal for the years ended $31$ December $2023$ to $2025,$ assuming that the company's policy is to present such a grant as grant income.

Dates and journal narrations are required.