One Particular Harbor (OPH) sells time-shares in luxury oceanfront villas. During the year ended December 31, 2018, OPH completed a project on Fripp Island, SC, consisting of 200 villas. The project cost OPH $220.48 million. During the current year, OPC sold 3,848 weekly time-shares in the villas for $40,000 each. OPH's sales policy requires a 20% down payment OPH received $8,000 for each time share this year. OPH does not anticipate any uncollectible issues as they sell only to wealthy individuals. Other than the down payments, no additional payments were received during the year. OPH uses the full accrual method for revenue recognition purposes So Required: Prepare a full paragraphs below discussing how to account for this transaction. Include a discussion of what the account balances should be related to the transactions. (Ignore any interest on the amounts due from customers.) All of your conclusions should be supported by using the Codification (US GAAP). I am a. looking for specific citations. One Particular Harbor (OPH) sells time-shares in luxury oceanfront villas. During the year ended December 31, 2018, OPH completed a project on Fripp Island, SC, consisting of 200 villas. The project cost OPH $220.48 million. During the current year, OPC sold 3,848 weekly time-shares in the villas for $40,000 each. OPH's sales policy requires a 20% down payment OPH received $8,000 for each time share this year. OPH does not anticipate any uncollectible issues as they sell only to wealthy individuals. Other than the down payments, no additional payments were received during the year. OPH uses the full accrual method for revenue recognition purposes So Required: Prepare a full paragraphs below discussing how to account for this transaction. Include a discussion of what the account balances should be related to the transactions. (Ignore any interest on the amounts due from customers.) All of your conclusions should be supported by using the Codification (US GAAP). I am a. looking for specific citations