Final answer:
For Lake Company in 2024, the related information for nonrefundable advance payments with special orders for containers constructed to customer specifications includes recording the payments as a liability, adjusting the liability based on completion, and providing disclosures.
Step-by-step explanation:
In 2024, for Lake Company, the related information for nonrefundable advance payments received with special orders for containers constructed to customer specifications would include:
- Recording the advance payments received as a liability on the company's balance sheet.
- Adjusting the liability by recognizing revenue as the containers are completed and delivered to the customers based on a percentage of completion.
- Providing disclosures in the footnotes of the financial statements regarding the significant terms and conditions of the advance payments and the expected timing of revenue recognition.