The state awards a grant of $50,000 to the Town of Glenville. The state will pay the
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The state awards a grant of $50,000 to the Town of Glenville. The state will pay the grant money to the town as a reimbursement for money spent on road repair. At the time of the grant, the state pays $8,000 in advance. During the first year of this program, the town spent $14,000 and applied for reimbursement. What amount of revenue should be recognized?
a. $–0–
b. $8,000
c. $14,000
d. $50,000
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