Sunland Enterprises purchased a new piece of equipment for its factory under a new government incentive program in exchange for cash. The equipment cost $152,000 and had an estimated useful life of ten years. The program was intended to encourage companies to invest in new, innovative technologies. The new piece of equipment purchased by Sunland qualified for a government grant of $22,300. Sunland collected the grant after providing proof of the purchase. Assuming that Sunland uses the deferral method, prepare the journal entries to record the purchase of the equipment, the receipt of the grant, and the adjusting entry for the grant required at the end of the first year (assuming the equipment was purchased on the first day of the fiscal year). (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)