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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,

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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, 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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