Public university was awarded a federal reimbursement

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In 2014, a public university was awarded a federal reimbursement grant of $18 million to carry out research. Of this, $12 million was intended to cover direct costs and $6 million to cover overhead. In a particular year, the university incurred $4 million in allowable direct costs and received $3.4 million from the federal government. It expected to incur the remaining costs and collect the remaining balance in 2015. For 2014 it should recognize revenues from the grant of $3.4 million $4.0 million $6.0 million $18.0 million

Reference no: EM131219810

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