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TechStart Inc. received a $500,000 government grant on January 1, 2023, to develop environmentally friendly technology. The grant agreement requires the company to: (1) hire at least 10 new employees by June 30, 2023, (2) spend at least $400,000 on qualifying research activities by December 31, 2024, and (3) maintain operations in the designated economic development zone for 3 years. Failure to meet any condition requires full repayment. By December 31, 2023, TechStart hired 12 employees and spent $250,000 on qualifying research. What amount should TechStart recognize as grant income in 2023?
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