Venus Limited received a parcel of land at no cost from the government for the purpose of developing a factory in an outlying area. The land is…

Venus Limited received a parcel of land at no cost from the government for the purpose of developing a factory in an outlying area. The land is valued at 75 lakhs, while the nominal value is 10 lakhs. Additionally, the company received a government grant of 30 lakhs, which represents 25% of the total investment needed for the factory development. Furthermore, the company received 15 lakhs with the stipulation that it be used to purchase machinery. There is no expectation from the government for the repayment of these grants. Answer the following questions based on the above information: