Corus Corporation builds large cruise ships on a contract basis. The company uses the percentage of completion
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a. Calculate the revenue to be recognized in 2012.
b. While examining the Corns financial statements, the auditors noted that there was an error in the estimate of costs to complete the contracts in 2011. The cost to complete should have been S792m instead of $612m. In light of this evidence, how much revenue should be recognized in 2012?
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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