20 Exercise 1-8 (Algo) Applying measurement principle and revenue recognition principle LO C2 points 04.02.41 eBook Print References a. Byrde Company purchased a truck. The seller asked for $11,800, but Byrde paid only $10,800 after negotiation. The owner of Byrde Company believes he got a great deal and the truck is really worth $15,800. What amount does Byrde record on its financial statements for the truck? b. Snell Company performs services for a client in May and bills the client $1,800. In June, Snell receives a partial payment of $700 cash. In July, the remaining $1,100 cash is received. Determine the monthly revenue recorded in May, June, and July applying revenue recognition principle. Complete this question by entering your answers in the tabs below. Required A Required B Byrde Company purchased a truck. The seller asked for $11,800, but Byrde paid only $10,800 after negotiation. The owner of Byrde Company believes he got a great deal and the truck is really worth $15,800. What amount does Byrde record on its financial statements for the truck? Financial statement amount