*Assume that you have been hired as a consultant by Mary G to help her and Omar D. She asked you for your help on the GAAP income statements and the legal issues arising from the lease cancellation. Please write a business report for Ms. Grace. Please incorporate material regarding the following questions:

Q2. Prepare three income statements for the year assuming that revenue is to be recognized

when:

1. Crocodiles have been caught (i.e. production complete).

2. Crocodiles have been sold and delivered

3. Cash collections are complete

b. What income would you report for 2008? Why? Support your answer with reference to

appropriate FASB rules.

**just need answer for B. " What income would you report for 2008? Why?"