Chassell Castles You are the accountant in charge of financial reporting for Chassell Castles, hereafter referred to as CCCC has a calendar year-end. CC is a manufacturer of prefabricated single family housing units. CC's only customer is the federal government to whom they supply units for low-income housing. Each year, CC contracts with the government to provide a fixed number of units. The number of units contracted for is dependent on an authorization act passed by Congress. The authorization act provides governmental agencies with the authority to seek bids and sign contracts for a specified number of housing units. However, the authorization act does not authorize payment for the housing units. Funds for payment must be provided through an appropriations bill. Authorization acts are passed in October and appropriation bills are passed in the following March CC only manufactures units for which they have contracts from the government. After manufacturing, the units are placed in a warehouse where the government takes delivery using government trucks. The revenue /profit for each unit is recorded at completion of the manufacturing process. The president of CC has told you "the units are sold before we build them and the federal government always pays so there is no questions about collectability. And we've never had an authorization bill passed without an appropriations bill also being passed." No appropriations bill has been passed for approximately half the units manufactured during the year. Required Should CC book the receivable/recognize the revenue for the units for which no appropriations bill has passed Begin by succinctly (1 paragraph) identifying the facts and issues of the case. Succinctly (1 or 2 paragraphs) outline relevant GAAP. In the 'best case' scenario the standards will relate directly to the type of asset, liability, etc. at issue. If such standards do not exist, or are ambiguous, you will then need to rely on the more general standards such as the conceptual framework. You will need to refer to the FASB codification for this case Discuss possible alternatives and their appropriateness in light of GAAP, the purposes and objectives of financial statements (e.g., users' needs), and the facts of the case. Select and justify one of the alternatives; your justification should include refutation of the acceptability of the alternatives