Shaw Company sells goods that cost $300,000 to Ricard Company for $410,000 on January 2, 2017. The
Question:
Instructions
(a) Prepare the journal entries (if any) to record the sale on January 2, 2017.
(b) Shaw prepares an income statement for the first quarter of 2017, ending on March 31, 2017 (installation was completed on June 18, 2017). How much revenue should Shaw recognize related to its sale to Ricard?
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a The entry to record the sale and related cost of goods ...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-1119048534
11th Canadian edition Volume 1
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy
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