Irvin's Theatre sells season tickets to their plays. Customer's purchase tickets in April for $600....
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Irvin's Theatre sells season tickets to their plays. Customer's purchase tickets in April for $600. The season tickets are non-refundable. Customers attend 2 plays each month. The season runs from May to August. Irvin would like to know when he should recognize revenue (1 mark) and why. He follows ASPE. Be sure to use the revenue recognition criteria (RCMP) to explain when he should recognize revenue. Hint: Refer to chapter 6 Earnings Approach to Revenue Recognition. (8 marks) When Should Revenue Be Recognized? Using the GAAP ASPE criteria (Hint RCMP) to support your answer. Use the Chart Below for your answe
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