Tulane Tires wrote a contract for a $106,000 sale of tires to the new Garden...
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Accounting
Tulane Tires wrote a contract for a $106,000 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 tires, assuming no payment has yet been made by Garden, how much revenue should Tulane recognize under U.S. IFRS?
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