6. Suga owned a 20% royalty interest in an oil well. Suga received royalty payments on Januan 31 for the oil sold between the previous June 1 and November 30, an on July 31 for oil betweer December 31 and May 31. Production revealed the following sales: June 1, 2019 - November 30, 2019 December 1, 2019 - December 31, 2019 December 1, 2019 - May 31, 2020 June 1, 2020 - November 30, 2020 3,000,000 500,000 4,000,000 3,250,000

6. Suga owned a 20% royalty interest in an oil well. Suga received royalty payments on Januan 31 for the oil sold between the previous June 1 and November 30, an on July 31 for oil betweer December 31 and May 31. Production revealed the following sales: June 1, 2019 - November 30, 2019 December 1, 2019 - December 31, 2019 December 1, 2019 - May 31, 2020 June 1, 2020 - November 30, 2020 3,000,000 500,000 4,000,000 3,250,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 25E: Koolman Construction Company began work on a contract in 2019. The contract price is 3,000,000, and...

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