During the years ended June 30, 20X6, and 20X7, Sampson University conducted a diabetes research project financed by a $2,000,000 gift from an alumnus. This entire amount was pledged by the donor on June 10, 20X4, although he paid only $500,000 at that date. The gift was restricted to the financing of this particular research project. During the 2-year research period Sampson's related gift receipts and research expenditures were as follows:

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Gift receipts Diabetes research expenditures.. Year Ended June 30 20X6 20X7 $700,000 $ 800,000 900,000 1,100,000 How much gift revenue should Sampson report for the year ended June 30, 20X7? a. $0 b. $800,000 c. $1,100,000 d. $2,000,000