A private university receives $1,000,000 in the current fiscal year as a grant restricted for a specific research project and incurs expenses of $400,000 related to the research project during the current fiscal year. Prepare journal entries to record the transactions related to the grant for the current fiscal year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Closing entries are not required.) 1 Record the private university receives $1,000,000 in the current fiscal year. 2 Record the grant restricted for a specific research project. year. 3 Record the restricted project incurs expenses of $400,000. Note: = journal entry has been entered