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Latter Corporation received an order from Murray, Inc. for electronic components. Because Murray is struggling financially, Latter called the company and said it will get

Latter Corporation received an order from Murray, Inc. for electronic components. Because

Murray is struggling financially, Latter called the company and said it will get ready to fulfill

the order, but it will not ship the order until payment is received by cashiers check.

Required:

Does Latter have a contract with Murray that is subject to the 5-step revenue recognition

model?

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