Mécanique Orvault is manufacturing a special press in its customer's plant, and the customer controls the construction as it progresses; the obligation is satisfied over time and progress is measured using costs. Transaction price: 600,000; total expected costs: 400,000; costs incurred at 31 December 20X1: 150,000 (already recognised as expenses). Orvault can only invoice after final acceptance of the press. Record the revenue entry at 31 December 20X1.
- Transaction price
- 600,000
- Total expected costs
- 400,000
- Costs incurred at 31 December 20X1
- 150,000