MW sold goods to a customer on 1 January 20X1. The contract specifies that the customer must pay for the goods in three annual instalments of $50,000 commencing on 31 December 20X1. The customer paid the first instalment on 31 December 20X1. An appropriate discount rate is 10%. In relation to this contract, what is MW's financial statements for the year ended 31 December 20X1?

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To determine MWs financial statement items related to the given contract for the year ended 31 Decem... View the full answer