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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

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. Make all necessary journal entries to record the transactions related to the grant for fiscal year 2017

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