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Kerianne paints landscapes, and in late 2016 placed four paintings with a retail price of $180 each in the Holmstrom Gallery. Keriannes arrangement with Holmstrom
Kerianne paints landscapes, and in late 2016 placed four paintings with a retail price of $180 each in the Holmstrom Gallery. Keriannes arrangement with Holmstrom is that Holmstrom will earn a 10% commission on paintings sold to gallery patrons. As of December 31, 2016, one painting had been sold by Holmstrom to gallery patrons. |
How much revenue with respect to these four paintings should Kerianne recognize in 2016? |
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