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Toward the end of fiscal 2013, it awarded a $500,000 contract to the accounting department of a local university to support a review of the state's cost accounting system. The department intends to carry out the review during 2014 and issue its final report to the state in early 2015. Upon announcing the award, the state made an advance payment of $100,000 to the department. It intends to pay the balance when the department completes the project to the satisfaction of the state.

a. Prepare the journal entries that the state would make in fiscal 2013 to record the awards in an appropriate governmental fund. Briefly justify the amount of expenditure that you recognized.
b. What, if any, adjustment to the amount of expenditure recognized would the state have to make in preparing its government-wide statements?
c. Describe briefly how the recipients would account, in both fund and government-wide statements for the awards.

 

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