Prepare journal entries to record the following grant-related transactions of an Enterprise Fund.
1.Received an operating grant in cash from the state, $2,500,000.
2.Incurred and paid qualifying operating expenses on the state grant program, $1,600,000.
3.Received a federal grant to finance construction of a plant, $4,500,000 (cash received in advance).
4.Incurred and paid construction costs on the plant, $3,000,000. The plant is not completed.
16) Prepare journal entries to record the following grant-related transactions of the municipal swimming pool, which is funded primarily by membership fees.
1.Received an operating grant in cash from the state for $200,000, to be used for life-saving and first-aid training.
2.Incurred and paid qualifying expenses on the state grant program by providing training, $165,000.
3.Received a federal grant to finance purchase of an energy efficient heating system for the pool, $120,000 (cash received in advance).
4.New heating system installed and paid, $115,000.
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