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A government college received a $2 million federal grant restricted to research on developing a ...

A government college received a $2 million federal 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.

Textbook

Governmental and Nonprofit Accounting

Edition: 11^th

Authors: Freeman, Shoulders, McSwain, Scott

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logiol22 Author

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This helped my grade so much Perfect

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Brilliant ツ

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