Livesey Company has signed a long-term contract to build a new basketball arena. The total revenue related
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Livesey Company has signed a long-term contract to build a new basketball arena. The total revenue related to the contract is $120 million. Estimated costs for building the arena are $40 million in the first year and $30 million in both the second and third year. The costs cannot be reliably estimated. How much revenue should Livesey Company report in the first year under iGAAP?
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Related Book For 
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
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