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In the Current Year, Generous University Awarded Scholarships to Graduate

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In the current year, Generous University awarded scholarships to graduate students in the amount of $5,000,000.The recipients are not required to provide any services in return for the scholarships.How should the university record the award? In the current year, Generous University awarded scholarships to graduate students in the amount of $5,000,000.The recipients are not required to provide any services in return for the scholarships.How should the university record the award?

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