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Transaction price: It is an amount which is received by the company by the transfer of goods or services. There are certain factors which have to be taken into account while determining the transaction price.
Revenue recognition: Revenue recognition is an accounting principle that decides the process of determining and accounting for revenue. Revenue on any transaction is recognized on the performance of the obligation.
(a)
To determine the transaction price for the situation and when the revenue will be recognized.
Given information: All the information related to G Company is provided in the question document.
(b)
To determine the transaction price for the situation and when the revenue will be recognized.
Given information: All the information related to G Company is provided in the question document.
(c)
To determine the transaction price for the situation and when the revenue will be recognized.
Given information: All the information related to G Company is provided in the question document.
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