Please show your solution for this one in a good accounting form. I would prefer if you present it in an excel. Thank you so much! Guardians Fund Managers Companysells two licenses to XYZ Companyon September 1, 20x6. First inexchange for P400,000, thecompany provides XYZ with a copyof its proprietary investmentmanagement software, which thecompany does not anticipateupdating and which XYZ canpermanently use. Second, inexchange for P360,000, thecompany provides XYZ with a three-year right to market the company'sfinancial advisory services under thename of Guardians, which thecompany advertises on an ongoingbasis. How much revenue will thecompany recognize in 20x6 underthis arrangement?

Revenue recognition stipulates on how and when revenue has to be recognized. It is a concept or…

Answered: basis. How much revenue will the…

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basis. How much revenue will the company recognize in 20x6 under this arrangement?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 5RE

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