Multiple Choice
Use the following information for the following questions.: A product and service are bundled together and sold to customers for $ 450. The fair values of the product and service are $ 350 and $ 150 respectively.
-At the time of contract signing,
A) no journal entry is recorded.
B) a contract liability is recorded.
C) a contract asset is recorded.
D) a note to the financial statements must be included.
Correct Answer:
Verified
Correct Answer:
Verified
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