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Bright Ideas Inc., a software company, entered into a contract with Sunshine Hotels to provide customized software solutions. The contract value is $100,000, and the
Bright Ideas Inc., a software company, entered into a contract with Sunshine Hotels to provide customized software solutions. The contract value is $100,000, and the project is expected to be completed in 6 months. Bright Ideas Inc. completed 40% of the project in the first 3 months. Discuss how Bright Ideas Inc. should recognize revenue for the project using the percentage-of-completion method.
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