Question 30 2.5 pts A government college received a $2 million federal grant restricted to research of a certain purpose. $500,000 of qualifying research costs were incurred during the year. The college should report: Grant revenues of $500,000 only. Grant revenues of $2 million. Unearned grant revenues of $2 million until the research is completed. Grant revenues of $500,000 and a liability for unearned grant revenues of $1.5 million