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William Farmer has just harvested his wheat crop.

William Farmer has just harvested his wheat crop. He put the grain in a local elevator and was given a warehouse receipt. The wheat will be sold within a few months. the government has established a guaranteed floor price for wheat. For accounting purposes, Farmer should:


(A) recognize the revenue now.


(B) recognize the revenue when the grain is sold.


(C) allocate the revenue over the time until the expected sale.


(D)  recognize revenue when cash is received from the sale of the grain.

May 17 2018 View more View Less

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