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If a private university receives $1,000,000 in the current fiscal year as a grant restricted for a specific research project and makes expenditures amounting to
If a private university receives $1,000,000 in the current fiscal year as a grant restricted for a specific research project and makes expenditures amounting to $400,000 during the current fiscal year properly chargeable to the grant, how much should be reported as revenues in the current fiscal year? Explain.
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