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Magical Corporation is a private corporation that sells one week all inclusive packages to their...

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Accounting

Magical Corporation is a private corporation that sells one week all inclusive packages to their beach resort. Customers must pay 20% when the trip is booked and 80% one week before the trip. Before offering this deal the company does a background credit check on the customers. Magical Corporation sells the one week all inclusive package to their resort for $2,000 per person. The costs for the corporation are approximately $700 per person. Assuming the company uses ASPE when the revenue should be recognized and why. the RCMP criteria when answer the question and facts from the question.

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