Question: This is a research question for accounting 350 class. Research Question Saturn Entertainment has entered into a contract with the Galaxy Cable Channel to sell

This is a research question for accounting 350 class.

Research Question

Saturn Entertainment has entered into a contract with the Galaxy Cable Channel to sell the exhibition rights (license) for the documentary film. The InnerWorld, which was produced by Saturn. Galaxy has agreed to buy the exclusive rights for a fixed fee of $4.5 million with a delivery data of December 1 of this year and an initial air date of February 15 next year. As part of the contract, Saturn has agreed to reshoot and update the final scene which is a significant change to the film, and deliver it on January 31. Saturn is concerned about when it should record the revenue from this film sale.

For this research question only, ignore any "Pending Content" section.

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