USA How to record interest received on Government Grant

[PAN]

City received 50 million dollars for development activities (example job creation during 10 years).

Portion of the money was invested ( we received 3 million interest on profit distribution – non restricted)

Can someone please tell me how to record this 3 million.

Thank you,

 

[PAN]

The 3 million received unrestricted

 

[Kat Maple]

Hi Pan

For receipt of interest
DR Cash
CR Interest Income

Regards

Kat