Saar Associates sells two licenses to Kim & Company on September 1, 2021. First, in exchange for $118,000, Saar provides Kim with a copy of its proprietary Investment management software, which Saar does not anticipate updating and which Kim can use permanently. Second, in exchange for $106,200, Saar provides Kim with a four-year right to market Kim's financial advisory services under the name of Saar Associates, which Saar advertises on an ongoing basis. The trade name "Saar Associates" is not well known in the marketplace and the owner provides no advertising or other benefits to a licensee of the Saar Associates trade name during the license period. How much revenue will Saar recognize in 2021 under this arrangement if Saar reports under IFRS? Answer is complete but not entirely correct. Revenue $ 126,850 In January 2021, Continental Fund Services, Inc., enters into a one-year contract with a client to provide Investment advisory services. The company will receive a management fee, prepaid at the beginning of the contract, that is calculated as 0.5% of the client's $140 million total assets being managed. In addition, the contract specifies that Continental will receive a performance bonus of 25% of any returns in excess of the return on the Dow Jones Industrial Average market Index. Continental estimates that it will earn a $2 million performance bonus, but is very uncertain of that estimate, given that the bonus depends on a highly volatile stock market. On what transaction price should Continental base revenue recognition? (Enter your answer in millions rounded to 2 decimal places (l.e., 5,500,000 should be entered as 5.50).) Answer is complete but not entirely correct. Transaction price S 1.40 million Finerly Corporation sells cosmetics through a network of Independent distributors. Finerly shipped cosmetics to its distributors and is considering whether It should record $360,000 of revenue upon shipment of a new line of cosmetics. Finerly expects the distributors to be able to sell the cosmetics, but is uncertain because it has little experience with selling cosmetics of this type. Finerly is committed to accepting the cosmetics back from the distributors If the cosmetics are not sold. How much revenue should Finerly recognize upon delivery to its distributors? Revenue recognized upon delivery Tulane Tires wrote a contract for a $104,000 sale of tires to the new Garden District Tour Company. Tulane only anticipates a slightly greater than 50 percent chance that Garden will be able to pay the amounts that Tulane is entitled to receive under the contract. Upon delivery of the tires, assuming no payment has yet been made by Garden, how much revenue should Tulane recognize under U.S. IFRS? Revenue under IFRS