. . . Shively Mfg.Co. sold for $18,000 equipment that cost $40,000 and had a book value of $30,000. Shively would report: Operating cash inflows of $18,000 Operating cash inflows of $8,000. Financing cash inflows of $18,000. Investing cash inflows of $18,000. Which of the following has the statutory authority to set accounting standards in the United States ? FASB. IRS SEC AICPA Sanjeev enters into a contract offering variable consideration. The contract pays him $2,400/month for six months of continuous consulting services. In addition, there is a 70% chance the contract will pay an additional $3,500 and a chance the contract will pay an additional $1,500, depending on the outcome of the consulting contract. Sanjeev concludes that this contract qualities for revenue recognition over time. Assume Sanjeev estimates variable consideration as the most likely amount. What is the amount of revenue Sanjeev would recognize for the first month of the contract? . . . . $2.983 $2,450 $3.120 $2,400