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Leeds Used Cars (Leeds) is a regional reseller of used vehicles. Leeds' current revenue recognition policy is to record 100% of the revenue on used car sales when the customer drives the car out of the lot.
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Problem 1: Prepare the notes for a meeting with the CFO to explain how the contract changes will impact Leeds' revenue recognition under ASPE 3400 Revenue. Use the Issue-AnalysisRecommendation (IAR) approach to structure the analysis.
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