3. Last year a city received notice of a $150,000 grant from the state to purchase vehicles to transport physically challenged individuals. During the current year the city received the entire $150,000, purchased a bus for $65,000, and issued a purchase order for a van for $60,000. The grant revenue that the city should recognize on the governmentwide nancial statements in the current year is a) $0. b) $ 65,000. C) $125,000. d) $150.000