Question: A software development company completes a $1,000,000 project over 10 months, with payments made bi-monthly. How much revenue should be recognized monthly? How much revenue

A software development company completes a $1,000,000 project over 10 months, with payments made bi-monthly.

  1. How much revenue should be recognized monthly?
  2. How much revenue will be recognized after 5 months?
  3. What is the unrecognized revenue after 8 months?
  4. How should the company record the bi-monthly payments?

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