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A product and service are bundled together and sold to customers for $450. The fair values of the product and service are $350 and $150

A product and service are bundled together and sold to customers for $450. The fair values of the product and service are $350 and $150 respectively. The IRS standard, IFRS 15 Revenue from Contracts with Customers adopts a(n) A, asset-liability approach to revenue recognition. B, earned and realized approach to revenue recognition. C, earnings approach to revenue recognition. D, cash-based approach to revenue recognition.

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