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made-up case related to the construction industry the Facts (this is the scenario) The Architect was hired to create drawings to construct a building The
made-up case related to the construction industry
the Facts (this is the scenario)
- The Architect was hired to create drawings to construct a building
- The Contractor says the drawings were defective
- The Owner failed to make sure fixtures and equipment for the building were delivered on time
- The Contractor was the winning bidder in a competitive bid process
- The Contractor now wants $1,000,000 additional compensation to cover the related cost overruns
Task: (need to solve)
Determine(identify) the transaction price.
How the transaction price was Allocated to the Performance Obligations
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