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How much revenue is recognized this year

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Question - In 2020 a private university's accounting department received a $400,000 federal grant to carry out research in government budgeting. Of this amount, $280,000 was to cover faculty salaries and $120,000 was to cover overhead. During 2020 the department began the research and paid faculty members $75,000. It was reimbursed by the federal government for $95,000. How much revenue is recognized this year?

Reference no: EM133095642

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