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 SDH's journal entry to record revenue in 2016?
Definitions:
Marginal Cost
The increase in total cost that arises from producing an additional unit of a good or service.
Wage Rate
The amount of money paid to an employee per unit of time for labor or services rendered.
Monopolist
A monopolist is a single seller in a market who has significant control over the price and supply of a product or service.
Competitive Labor Market
A market where numerous buyers (employers) and sellers (workers) meet, with the price of labor (wages) determined by the supply of and demand for labor.
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