Which of the following statement(s) is (are) TRUE? 1. Oxford University owns the land where...
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Which of the following statement(s) is (are) TRUE? 1. Oxford University owns the land where new dormitories will be built. DeWitt Construction enters into a contract to build the dormitories for Oxford University on January 1 of Year 1. Construction is completed on June 30 of Year 2. DeWitt should recognize revenue at a point in time. 11. Hemingway, Inc. sells goods to Geo Company in exchange for a zero-interest-bearing note with face value of $110,000, with payment due in 5 years. The present value of the note at the date of sale is $100,000. Hemingway, Inc. should recognize sales revenue of $110.000 at the point of sale. III. 3M, Inc. sells goods on account to a client for $100,000, payment due in 60 days. 3M, Inc. should recognize revenue when the client pays $100,000 in cashi. None is true O I only III only O ll only O land 11
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