Yourcorp just signed a contract with a clothing manufacturer, Theircorp, that will allow Their Corp to use Your Group's name on shirts, socks, pants and other apparel. The terms of the contract give Their Corp the exclusive rights to use the name on apparel for the next five years and require that Their Corp pay Your Corp $20 million per year at the end of each of the next five years. Should Your Corp report a change in any balance sheet accounts at the contract's signing?

Answer rating: 100% (QA)

Yes Your Corp should recognize the signing of the contract with Their ... View the full answer