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QUESTION 2 5 points Sav On March 1, 2020, the Teal Company received a $45,000 payment for annual magazine subscriptions (the subscriptions run from the March, 2020 edition through the February 2021 edition) Upon receipt of the payment, Teal Company credited the amount to sales revenue. Provide any entries necessary to correctly state sales revenue on the 2020 income statement Show your computation. Account name Debit for the toolbar, press ALT+F10 PC) or ALT-INF10 (MM) Credit QUESTION 3 6 points Seve Purple Construction Company enters into a contract with a customer to build a warehouse for $300,000, with a performance bonus of $150,000 that will be paid based on the timing of completion The amount of the performance bonus decreases by 10% per week for every week beyond the agreed-upon completion date. The contract requirements are similar to contracts that Purple has performed previously, and management believes that such experience is predictive for this contract. Management estimates that there is a 60% probability that the contract will be completed by the agreed-upon completion date, a 30% probability that it will be completed 1 week late, and only a 10% probability that it will be completed 2 weeks late. How should Purple account for this revenue arrangement? Show your computation. For the toolbar, press ALT+F10 (PC) or ALT+IN+F10 (Mac) BIVG Paragraph Open SanssV 10pt EEEE Text color IXO Q ***