1. Record the private university receives $1,000,000 in fiscal year 2017. 2. Record the grant restricted for a specific research project. 3. Record the restricted project incurs expenses of $400,000.

A private university receives $1,000,000 in fiscal year 2017 as a grant restricted for a specific research project and incurs expenses of $400,000 related to the research project during fiscal year 2017 Prepare journal entries to record the transactions related to the grant for fiscal year 2017. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)