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When would recognize revenue for the payment

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You own a construction company and have recently received a contract with the local school district to refurbish one of its elementary schools. You are given an up-front payment from the school district in the amount of $5 million. The contract terms extend from years 2018 to 2020.

Problem 1: When would you recognize revenue for this payment?

Problem 2: What method of accounting would you use for this construction project and why?

Problem 3: What would be the benefits and challenges with your method selection?

Reference no: EM132725102

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