The Town of Lanarte has recorded the receipt of a $75,000 grant restricted for transporting all senior citizens to polling locations on Election Day in November of 2022. The town now spends $75,000 to transport the citizens on Election Day.

Required:

Prepare the journal entry (or entries) to record that the town spends $75,000 of the grant it received to transport senior citizens on Election Day and identify the fund in which the entry (or entries) is recorded.