Bentley Corporation has several divisions. All operations keep their own accounting books and have chosen the appropriate method of revenue recognition.
Information on Divisions:

Bargain Electronics Division

Bargain Electronics Division sells computers through agents in various cities. Revenue is recognized at the point of sales. Agents send orders and down payments to our company. The division then ships the goods F.O.B. shipping point directly to the customers.

Additional Financial Data:
Orders for fiscal year 2012 $600,000
Down Payments collected in 2012 $60,000
Billed and shipped in 2012 $550,000
Freight billed in 2012 $20,000
Commissions paid to Agents (after ship to customer) 8%
Warranty Returns as % of Sales 2%

Barry's Construction Division

The Barry Construction Division was working on one project and used the percentage of completion revenue recognition method for 2012 fiscal year.

Contract for new retail mall building
Total Contract Amount $120,000,000
Contract Grant Date August 14, 2012
Construction Began September 1, 2012

Estimated Cost to Complete at beginning of contract $95,000,000
Estimated Time to Complete Project 2 years

As of December 31, 2012
Construction costs incurred to date $26,000,000
Billings to date $25,000,000
Expected costs to complete $78,000,000

Bead's Magazine Distribution Division

Our magazine distribution division sells to national quickmart stores. Our division allows for up to 30% of sales in returns. For the past 4 years, returns have averaged 25%. We record revenue based on revenue recognition when the right of return exists.

Total Sales for 2012 $10,000,000
Sales Still Available for return for 6 months $1,500,000
Actual Returns on Sales not returnable 23%
2011 Sales collected in 2012 $1,800,000
2011 Sales returned in 2012 24%

Required:
Calculate the revenue to be recognized in fiscal year 2012 for each division of Bentley Corporation in accordance with generally accepted accounting principles. Show all calculations for full credit

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