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A 2022 contractual agreement with Brianna Inc. entitles Wheeler to $35 million for certain fees...

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Accounting

A 2022 contractual agreement with Brianna Inc. entitles Wheeler to $35 million for certain fees and expense reimbursements. These amounts were written off as bad debts in 2023. Brianna Inc has filed for bankruptcy. On February 19,2025, the bankruptcy court ordered Brianna to pay $27 million immediately upon consummation of a proposed merger. Determine the appropriate means of reporting this situation in Wheeler's 2024 financial statements according to the FASB Accounting Standards Codification.

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