Question: 10) When contract modification occurs, and the company determines a new contract and performance obligation has resulted, a) the accounting for the original contract must

10) When contract modification occurs, and the company determines a new

contract and performance obligation has resulted, a) the accounting for the original

10) When contract modification occurs, and the company determines a new contract and performance obligation has resulted, a) the accounting for the original contract must be modified to reflect the new contract. b) the original contract remains the same. the new contract must be recorded separately. d) Both b) and c) are correct

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