ABC Company enters into a contract with Edmond Library to help them streamline their purchasing...
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Accounting
ABC Company enters into a contract with Edmond Library to help them streamline their purchasing process. The contract specifies that Edmond Library will pay ABC $100,000 in the form of a fixed fee plus an additional $10,000 if the library achieves $200,000 in cost savings. ABC estimates a 55% chance that the library will achieve a $200,000 savings. Assume ABC estimates that the transaction price is theexpected?valuetransaction price. The transaction price is recorded as ?. Ignore any constraints on variable consideration.
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