CAM designs and manufacturers combustible engine $($ CEM $)$ fuel technology $.$ Various levels of government have programs in place to encourage the development of solutions for a clean energy future $.$ In $2021,$ CAM took advantage of these incentives and constructed a new $ $6$ million research facility $.$ CAM received the government subsidies listed below $.$ A $ $500,000,$ interest $-$ free $,$ forgivable loan to assist with the construction of the research facility $.$ The loan was repayable at $ $50,000$ per annum with the first payment due January $1,2022$ ; however $,$ instalments were forgivable provided that the company was actively engaged in PEM research for the immediately preceding year ii $.$ CAM was eligible for another grant partial rebate of non $-$ refundable sales tax paid on materials used in the construction of the research facility $.$ The rebate totalled $ $120,000.$ The estimated useful life and residual value of the research facility were $10$ years and $ $1,000,000$ respectively $.$ CAM prepared its financial statements in accordance with IFRS $,$ and depreciated its long $-$ term assets on a straight $-$ line basis $.$ Adjusting entries were only prepared at year $-$ end $.$ Required : Using either the Gross or the Net Method $,$ prepare the journal entries to record the receipt of the two government grants $.(8$ marks $)$ Prepare the journal entry $($ ies $)$ arising from the above transactions for CAM's December $31,2023$ year $-$ end$.(7$marks$)$