In $2022,$ Martinez Ltd$.$ received a grant for V$2\mathrm{.}48$ million to defray the cost of purchasing research equipment for its manufacturing facility. The total cost of the equipment is Y $12\mathrm{.}4$ million.

Prepare the journal entry to record this transaction if Martinez uses $($a$)$ the deferred revenue approach, and $($b$)$ the reduction of asset approach.