Prepare Journal Entries to Record the Following Grant-Related Transactions of the Municipal

Essay

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.