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Determine the transaction priceteam member

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Reference no: EM132221616

Question: On January 1, 2019, LeMoyne Construction Company signs a contract to build an office building for Franklin Corporation for $10 million. Franklin remits $1 million to LeMoyne upon signing the contract, $5 million when the foundation and all outside components are complete, and $4 million upon full completion. Franklin must pay LeMoyne an additional $100,000 if all construction is completed by July 31, 2020.

Required: Apply the 5-step revenue recognition model to determine when revenue should be recognized by LeMoyne.

• Intro- Description of the company, industry, and market in the case to understand why the issues occurred. Description of natures of the issues in the case.-team member 1

• Summarize and identify each step to the specific case

1. Identify the contract(s)team member 2

2. Identify the separate performance obligationsteam member 3

3. Determine the transaction priceteam member 4

4. Allocate the transaction price to the separate performance obligationsteam member 5

5. Recognize revenue when the entity satisfies a performance obligationteam member 6

Information related to above question is enclosed below:

Attachment:- groupproject.rar

Reference no: EM132221616

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