Question: Bradford Construction Ltd. submitted a $14.5-million sealed bid for a fixed-price roads contract with the local municipality. Historically, Bradford is awarded 20% of the contracts

Bradford Construction Ltd. submitted a $14.5-million sealed bid for a fixed-price roads contract with the local municipality. Historically, Bradford is awarded 20% of the contracts on which it submits sealed bids. Using the three-step analysis for determining whether the fundamental characteristics of useful information are present, determine what, if anything, should be recognized concerning this information in Bradford’s accounting records.

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