Show Work!!

Show Work

Flounder Corp. enters into a contract with a customer to build an apartment building for $995,600. The customer hopes to rent apartments at the beginning of the school year and provides a performance bonus of $145,500 to be paid if the building is ready for rental beginning August 1,2021 . The bonus is reduced by $48,500 each week that completion is delayed. Flounder commonly includes these completion bonuses in its contracts and, based on prior experience, estimates the following completion outcomes: Determine the transaction price for this contract. Transaction Price $ Stellar Corporation began operations in 2020 and reported pretax financial income of $227,000 for the year. Stellar's tax depreciation exceeded its book depreciation by $45,000. Stellar's tax rate for 2020 and years thereafter is 30%. In its December 31,2020 , balance sheet, what amount of deferred tax liability should be reported? Deferred tax liability to be reported $ Presented below are three revenue recognition situations. (a) Groupo sells goods to MTN for $901,000, payment due at delivery. (b) Groupo sells goods on account to Grifols for $879,000, payment due in 30 days. (c) Groupo sells goods to Magnus for $480,000, payment due in two installments, the first installment payable in 18 months and the second payment due 6 months later. The present value of the future payments is $443,000. Indicate the transaction price for each of these situations and when revenue will be recognized