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A local government was awarded a federal grant in the amount of $800,000 to provide...

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Accounting

A local government was awarded a federal grant in the amount of $800,000 to provide for a summer youth recreation program. The grant was a reimbursement grant, and a notification of the grant award was received on April 30,2024. The local government expended the resources as follows:
June 2024: $250,000
July 2024: $285,000
August 2024: $265,000
The federal government sent the funds in the month following the expenditure. The local government would recognize revenues for the fiscal year ended June 30,2024 in which amount?

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