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Assume that Shumers, Inc. is a private company with a calendar year-end. Shumers must determine when and how it will adopt the revised revenue standard.

Assume that Shumers, Inc. is a private company with a calendar year-end. Shumers must determine when and how it will adopt the revised revenue standard. In what period must Shumers first apply ASC 606-10? Provide a citation after your answer.

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