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Gupta Industries received a $290,000 prepayment from X Associates for the sale of new equipment....

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Accounting

Gupta Industries received a $290,000 prepayment from X Associates for the sale of new equipment. Gupta will bill X Associates an additional $111,000 upon delivery of the equipment. Upon receipt of the $290,000 prepayment.

a) How much should Holt recognize for a contract asset?

b) How much should Holt recognize for a contract liability?

c) How much should Holt recognize for account receivables?

PLEASE share your calculations, Thanks

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