In the current year, Generous University awarded scholarships to graduate students in the amount of $5,000,000. The recipients are not required to provide any services in return for the scholarships. How should the university record the award?

		Scholarship expense $5,000,000 Accounts payable $5,000,000
		Tuition deductionsunrestricted student aid $5,000,000 Accounts receivable $5,000,000
		Scholarship expense $5,000,000 Accounts receivable $5,000,000
		Tuition deductionsunrestricted student aid $5,000,000 Accounts payable $5,000,000