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What should the communications enterprise fund

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Wartrace City's Communications Enterprise Fund, which has a December 31 year end, was awarded a $400,000 federal grant for a system hardware upgrade to meet FCC requirements.

The grant was awarded in June 20X7. Work began immediately on the project and qualifying costs of $200,000 were incurred prior to December 31, 20X7, however, the capital project is not expected to be completed until June 20X8.

The grantor does not reimburse grantees until a project is complete. As of December 31, 20X7, the Communications Enterprise Fund should?

Reference no: EM132315310

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