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Central City was awarded two state grants during its fiscal year ending September 30, 2012;...

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Accounting

Central City was awarded two state grants during its fiscal year ending September 30, 2012; a $2 million block grant that can be used to cover any operating expenses incurred during fiscal year 2013; a $1 million grant that can be used any time to acquire equipment for its police department. For the year ending September 30, 2012, what should Central City recognize in grant revenue in its governmental fund statements (in millions)? Why?

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