XYZ Limited purchased some plant in $1/1/2022$ costing $1,600,000.$ Its useful life is expected to be ten years and the residual value at the end of its useful will be $100,000.$ In the same day It received a grant of $30\%$ of the cost of the asset $.$Prepare journal entries and show the effect of the above in balance sheet dated $31/12/2022?$