The federal government awarded a grant to a local government in the amount of $1,050,000...
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Accounting
The federal government awarded a grant to a local government in the amount of $1,050,000 to provide a summer youth employment program for young people. The grant was a reimbursement grant and the local government received notification of the grant award on April 30, 2018. The local government expended the resources as follows:
- June, 2018 - $500,000
- July, 2016 - $300,000
- August, 2016 - $250,000
The federal government remitted funds to the city in the month following each expenditure. The local government would recognize revenues for the fiscal year ended June 30, 2018 in which amount?
- $0
- $500,000
- $800,000
- $1,050,000
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