A manufacturing entity receives a grant of $3 million when it creates 50 jobs. $1.5m is payable when the figure is reached with the remaining $1.5m payable at the end of 4 years should the 50 jobs still be in existence. At the end of year one, 50 jobs have been created and there is reasonable assurance that the employment levels will be maintained when reached.
What is the deferred income balance at the end of the second year?