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Assignment Print3.pdf - 11 Assignment Print View Award 2.00...

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9/27/2017 Assignment Print View http://ezto.mheducation.com/hm.tpx?todo=c15SinglePrintView&singleQuestionNo=11.&postSubmissionView=13252706474838541&wid=13252706713127631&rol… 2/2 11. Award: 2.00 points Kerianne paints landscapes, and in late 2018 placed four paintings with a retail price of $250 each in the Holmstrom Gallery. Kerianne’s arrangement with Holmstrom is that Holmstrom will earn a 20% commission on paintings sold to gallery patrons. As of December 31, 2018, one painting had been sold by Holmstrom to gallery patrons. How much revenue with respect to these four paintings should Kerianne recognize in 2018? Revenue $ 200 References Worksheet Difficulty: 2 Medium Learning Objective: 05­07 Determine the timing of revenue recognition with respect to licenses, franchises, and other common
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