easons Construction is constructing an office building under contract for Cannon Cafe. The contract calls for progress billings and payments of $620,000 each quarter. The total contract price is $7,440,000 and Seasons estimates total costs of $7,100,000. Seasons estimates that the building will take 3 years to complete, and commences construction on January 2, 2010.

Seasons Construction completes the remaining 25% of the building construction on December 31, 2012, as scheduled. At that time the total costs of construction are $7,500,000. What is the total amount of Revenue from Long-Term Contracts and Construction Expenses that Seasons will recognize for the year ended December 31, 2012?

An alternative not available when the seller is exposed to continued risks of ownership through right of return of the product is (Points : 2)

recording the sale, and accounting for returns as they occur in future periods.
not recording a sale until all return privileges have expired.
recording the sale, but reducing sales by an estimate of future returns.
all of these are alternatives.

On July 1, 2011, Panther, Inc. sold goods to Smart Company for

easons Construction is constructing an office building under contract for Cannon Cafe. The contract calls for progress billings and payments of $620,000 each quarter. The total contract price is $7,440,000 and Seasons estimates total costs of $7,100,000. Seasons estimates that the building will take 3 years to complete, and commences construction on January 2, 2010. Seasons Construction completes the remaining 25% of the building construction on December 31, 2012, as scheduled. At that time the total costs of construction are $7,500,000. What is the total amount of Revenue from Long-Term Contracts and Construction Expenses that Seasons will recognize for the year ended December 31, 2012? easons Construction is constructing an office building under contract for Cannon Cafe. The contract calls for progress billings and payments of $620,000 each quarter. The total contract price is $7,440,000 and Seasons estimates total costs of $7,100,000. Seasons estimates that the building will take 3 years to complete, and commences construction on January 2, 2010. Seasons Construction completes the remaining 25% of the building construction on December 31, 2012, as scheduled. At that time the total costs of construction are $7,500,000. What is the total amount of Revenue from Long-Term Contracts and Construction Expenses that Seasons will recognize for the year ended December 31, 2012