In August of 2018, the City of Portsmouth received a Virginia State grant of $1,000,000 to upgrad...

Question

Question

In August of 2018, the City of Portsmouth received a Virginia State grant of $1,000,000 to upgrade some of the schools. Funds

Answer 1

Answer #1

The city must recognize the amount spent and reimbursed till date.

There fore $750,000 should be recognized for the work completed and reimbursement.

Answer 2

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