James Williams, a star college basketball player, received a contract from the Midwest Blazers to play professional

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James Williams, a star college basketball player, received a contract from the Midwest Blazers to play professional basketball. The contract calls for a salary of $420,000 a year for four years, dependent on his making the team in each of those years. Should this contract be considered a liability and recorded on the books of the basketball team? Why or why not?

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Principles of Accounting

ISBN: 978-1133626985

12th edition

Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson

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