Question: ABC enters into an executory contract. ABC appropriately did not recognize any asset or liability from the contract. Which of the following statements is correct?

ABC enters into an executory contract. ABC appropriately did not recognize any asset or liability from the contract. Which of the following statements is correct? a. if the counterparty performs its obligation first, ABC shall recognize an asset. b. if ABC performs its obligation first, ABC shall recognize an asset. c. ABC should recognize a combined asset and liability upon signing the contract d. if ABC performs its obligation first, ABC shall recognize a liability ,

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