Theo Corporation entered into a contract with Maddon Company to sell Maddon goods for $200,000. About a

Question:

Theo entered into a contract with Maddon Company to sell Maddon goods for $200,000. About a week later, Maddon ordered additional goods and the two companies agreed to a $50,000 price. Then the two companies agreed, for simplicity, to add the additional goods to the original order, which had not yet been shipped.
Required:
How should Theo account for the contract modification?
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...