Grand County received a notice from the State that it has been awarded a $175,000 grant to purchase vans used to transport physically challenged individuals. Although the county did not receive any cash from the State related to the grant funds during the current year, the county purchased a bus for $70,000 and issued a purchase order in the amount of $65,000 for a 12-passenger van. What amount of grant revenue should the county recognize in its Government-Wide financial statements for the current year?

1. $-0-.
2. $ 70,000.
3. $135,000.
4. $175,000.

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