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Discuss the given revenue recognition situations

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Question: (Revenue Recognition-Point of Sale) Presented below are three revenue recognition situations.

(a) Grupo sells goods to MTN for $1,000,000, payment due at delivery.

(b) Grupo sells goods on account to Grifols for $800,000, payment due in 30 days.

(c) Grupo sells goods to Magnus for $500,000, payment due in two installments: the first installment payable in 6 months and the second payment due 3 months later. Instructions Indicate how each of these transactions is reported.

Reference no: EM131591952

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