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 ofthe 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. LO9
c. $14,000.
d. $50,000.
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Related Book For 
Advanced Accounting
ISBN: 9780073379456
9th Edition
Authors: Joe Ben Hoyle, Timothy S. Doupnik, Thomas F. Schaefer, Oe Ben Hoyle
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