Acity was awarded a $600,000 federal grant to finance a bridge construction project that is expected to take two years to complete. the grant will be paid in two installments: (1) 60% (nonrefundable) at the beginning of the project in year 1, and (2) 40% when the project is completed. capital projects fund revenue should be recognized in year 1 in the amount ofa. $600,000
b. $360,000
c. $240,000
d. $0