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How much gross profit will Cooper recognize for the fiscal year ended December 31, 2024 if Cooper uses the cost recovery method? If none enter $0.

Vendor A agrees to sell products A1, A2 and A3 to a customer. Vendor A normally sells products A1 and A2 on a stand-alone basis and thus has data on the stand-alone sales price of those two products. Vendor A does NOT sell product A3 on a stand-alone basis. Identify and briefly describe the 3 GAAP-approved methods that Vendor A might use to estimate the stand-alone selling price of A3.

Facts for questions 20 to 29 Cooper Construction Company had a contract starting April 2024, to construct a $24,000,000 building that is expected to be completed in September 2026, at an estimated cost of $22,000,000. At the end of 2024, the costs to date were $10,120,000 and the estimated total costs to complete had not changed. The progress billings during 2024 were $4,800,000 and the cash collected during 2024 was 3,200,000.  Use these facts to answer questions 20 to 29.

What will be the adjusted balance in Construction in Process at 12/31/2024 if Cooper uses the cost recovery method? Enter a debit balance as a positive value, a credit balance as a negative value.

On May 3, 2025, Ivanhoe Company consigned 80 freezers, costing $540 each, to Metlock Company. The cost of shipping the freezers amounted to $920 and was paid by Ivanhoe Company. On December 30, 2025, a report was received from the consignee, indicating that 40 freezers had been sold for $690 each. Remittance was made by the consignee for the amount due after deducting a commission of 6%, advertising of $200, and total installation costs of $350 on the freezers sold. How much revenue (if any) should Ivanhoe recognize on 5/3/2025? If none enter $0.

What amount of transaction price is allocated to the equipment performance obligation?

What amount of transaction price is allocated to the technical support performance obligation?

Provide brief (one or two sentence) answers to questions 1 to 8. 

Identify the 3 indicators used to distinguish the principal from the agent in a principal/agent revenue contract.

Identify the 5 steps in the revenue recognition process in order.