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Tulane Tires wrote a contract for a $111,000 sale of tires to the new Garden District Tour Company. Tulane only anticipates a slightly greater than

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Tulane Tires wrote a contract for a $111,000 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 tries assuming no payment has yet been made by Garden, how much revenue should Tulane recognize under US IFRS? Answer is complete but not entirely correct. RIFTS 06

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