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On January 1, 2021 machinery corp. enters into a contract with a customer for the sale of a machine and related one-year maintenance services for a total contract price of 2,000,000 machinery corp. regularly sells these items separately. if they were to be purchased separately.
their stand-alone selling prices are as follows:
Machinery corp transfers the machine, and collects the total contract price, on February 1, 2020. the maintenance services start on that date.
required
Problem 1: Analyze the five steps of model of revenue recognition
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