Use the Following to Answer Questions

question 51

Short Answer

Use the following to answer questions
Sahara Desert Homes (SDH)reports under IFRS and constructed a new subdivision during 2015 and 2016 under contract with Cactus Development Co.Relevant data are summarized below:
SDH uses the cost recovery method under IFRS to recognize revenue.
-What is the journal entry in 2015 to record revenue?

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Definitions:

Completion Times

The duration required to finish a task or process from start to end.

Logarithm

The exponent or power to which a base must be raised to produce a given number.

Logarithm Re-Expression

The process of applying a logarithmic transformation to a dataset to stabilize variance and make the data more normally distributed.

Company's Assets

Resources owned by a company that have economic value and can be converted into cash, including property, inventory, and patents.