1. The Town of Alnico received a grant from Blount County. The $8,000,000 grant is restricted to use for the construction of a facility for a City business. The grant is for half the cost of the facility. The grantor will reimburse half of the expenses as they are incurred. By the end of the first fiscal year, $3,000,000 has been spent on the project. $1,500,000 has been collected from the grantor.
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3. How should the grant be reported in the statement of income, expenses and changes in net position?

Answer rating: 100% (QA)

The grant received by the Town of Alnico should be reported as follows in the statement of income ex... View the full answer