{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-26T11:05:56-04:00", "answer_date": "2024-05-26 11:05:56", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1735976", "url": "\/study-help\/questions\/t-revenue-recognition-mixer-up-part-iii-part-ii-1735976", "question_creation_date_js": "2024-05-26T11:05:56-04:00", "question_creation_date": "May 26, 2024 11:05 AM", "meta_title": "[Solved] t Revenue recognition Mixer Up Part III:+ | SolutionInn", "meta_description": "Answer of - t Revenue recognition Mixer Up Part III:+ Part II should be completed before beginning Part III. Background On January | SolutionInn", "meta_keywords": "revenue,recognition,mixer,part,iii,+,ii,completed,beginning,background,january,1", "question_title_h1": " t Revenue recognition Mixer Up Part III:+ Part II should be completed before beginning Part III. Background On January 1, MU separately entered into", "question_title": " t Revenue recognition Mixer Up Part III:+ Part II should be", "question_title_for_js_snippet": "t Revenue recognition Mixer Up Part III Part II should be completed before beginning Part III Background On January 1, MU separately entered into a non exclusive licensing agreement with KH The licensing agreement allows KH the right to use the MU trademarked logo on aprons and chef hats for a two year period MU also plans to spend $1 million during the two year period on advertising its products with the logo The rights and terms granted by MU to KH are similar to those granted by MU in licensing agreements with various other companies KH paid MU a one time fee of $12,000 on January 1 at the inception of the two year licensing period Requirements Review ASC 606 10 55 54 through 64 Prepare a detailed explanation of each of the five steps of revenue recognition Record all initial accounting entries for MU for the month of January based on the new guidance on revenue recognition in ASC 606 Include references to the guidance to support your proposed accounting Show any calculations you make to support your journal entries ", "question_description": "\"image", "transcribed_text": "t Revenue recognition Mixer Up Part III:+ Part II should be completed before beginning Part III. Background On January 1, MU separately entered into a non-exclusive licensing agreement with KH. The licensing agreement allows KH the right to use the MU trademarked logo on aprons and chef hats for a two-year period. MU also plans to spend $1 million during the two-year period on advertising its products with the logo. The rights and terms granted by MU to KH are similar to those granted by MU in licensing agreements with various other companies. KH paid MU a one-time fee of $12,000 on January 1 at the inception of the two-year licensing period. < Requirements+ Review ASC 606-10-55-54 through 64. < Prepare a detailed explanation of each of the five steps of revenue recognition. Record all initial accounting entries for MU for the month of January based on the new guidance on revenue recognition in ASC 606. Include references to the guidance to support your proposed accounting. Show any calculations you make to support your journal entries.", "related_book": { "title": "Intermediate Accounting", "isbn": "978-1118159644, 9781118562185, 1118159640, 1118147294, 978-1118147290", "edition": "15th edition", "authors": "Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/253.jpg", "uri": "\/textbooks\/intermediate-accounting-15th-edition-253", "see_more_uri": "" }, "free_related_book": { "isbn": "1470472759", "uri": "\/textbooks\/advanced-modern-algebra-part-2-3rd-edition-978-1470472757-108008", "name": "Advanced Modern Algebra Part 2", "edition": "3rd Edition" }, "question_posted": "2024-05-26 11:05:56", "see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/write-short-note-on-context-switch-419202", "description": "Write short note on context switch", "stars": 3 }, { "url": "\/why-is-it-important-for-the-clients-of-professional-accountants", "description": "Why is it important for the clients of professional accountants to be ethical?", "stars": 3 }, { "url": "\/study-help\/principles-and-practice-of-marketing\/evaluate-the-contention-that-if-ethical-consumption-was-the-norm-1784720", "description": "Evaluate the contention that if ethical consumption was the norm there would be no need to legislate to protect consumers.", "stars": 3 }, { "url": "\/study-help\/psychology\/5-evaluating-judging-the-value-of-materials-or-methods-as-1984364", "description": "5. 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