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On July 1, 2018. Apache Company, a real estate developer, sold a parcel of land to a construction company for $3,000,000. The

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Answer #1

ANSWER:

For revenue recognition there must be transfer of asset and existence of consideration.
in this case the transfer is completed in 2018 and transferee is liable to pay consideration on contract date.

therefore,

Entire revenue to be recorded in 2018 = $3080000

In 2019 nothing has to be recorded as sale has been completed in 2018 itself

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