Government Grant (Deduct from the Asset)

Dear Chris,

I hope you are well and safe,
thank you so much for your nice explanation and your humour I do enjoying watching your lectures and study ACCA.

In respect of the government grant we have to method as per IAS 20 for capital Asset are as follow,
1- Deduct the government grant of the assets acquired.
2- treating the government grant as deferred income.
in regarding to method number 2 I understand it very well, but regarding the first treatment it’s somehow confused for example it’s mentioned in Kaplan textbook the following

Given information,
government grant=$15000 and had been used to buy capital equipment as follow,
Asset acquired =$100000
Estimated useful life = 5 years.
Required
The presentation of (SFP) and (SPL) at the end of the year.

**** The solution as per my understanding in details as follow,
the recognition of the government grant is as follow
Dr Bank $15000
Cr Deferred income (SFP) $15000

the entry of the asset recognition
Dr PPE(SFP) $85000
Dr Deferred income(SFP) $15000 as liability account
Cr Bank $100000

The annual depreciation of the year =85,000/5yrs = $17,000
Dr Depreciation Expense $17,000
Cr Accumulated Depreciation $17,000

the presentation of the financial position
Non-current assets.
PPE (C.V) $68,000

The presentation of the profit or loss and OCI
Depreciation expense(SPL) $17,000

Could you check out my workout, please? and tell me correction.
Thank you in advance.