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wrote...
Posts: 5978
4 years ago
A government college received a $2 million grant restricted to research on developing a process for synthesizing a stable triple helix. $500,000 of qualifying research costs were incurred during the year. The college should report:
A.   Grant revenues of $2 million.
B.   Grant revenues of $500,000 and a liability for unearned grant revenues of $1.5 million.
C.   Grant revenues of $500,000 and deferred inflows of $1.5 million.
D.   Unearned grant revenues of $2 million until the research is completed.
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Diesel
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Answer accepted by topic starter
wrote...
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Posts: 12928
4 years ago
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