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4. We discussed several complicating situations in applying the revenue recognition principal. Some of these situations included 1) sales with high rates of return,
4. We discussed several complicating situations in applying the revenue recognition principal. Some of these situations included 1) sales with high rates of return, 2) sales with repurchase agreements, and 3) principal-agent relationships. Describe each of these situations, including what the issue is and when it is appropriate to recognize revenue.
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