#2. Chanze Corporation is a full-service technology company. They provide Machineries, installation services as well as training. Customers can purchase any product or service separately or as a bundled package. Chanze Corporation purchased machineries, installation and training for a total cost of $600,000 on March 15, 2021. Estimated standalone fair values of the equipment, installation, and training are $200,000, $100,000, and $100,000 respectively. Instruction: a) The transaction price allocated to equipment, installation and training is Machineries Installation Training
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- Rix Company sells home appliances and provides installation and service for its customers. On April 1, 2019, a customer purchased a dishwasher that Rix normally sells for 1,000. In addition, the customer purchased the installation service and a 3-year service contract, with stand-alone selling prices of 200 and 400, respectively. Because the customer purchased all three items as a bundle, Rix charged the customer 1,400. Required: 1. How should the transaction price be allocated among the products? 2. Prepare the journal entries to recognize revenue related to each product in 2019.On March 1, 2019, Elkhart enters into a new contract to build a specialized warehouse for 7 million. The promise to transfer the warehouse is determined to be a performance obligation. The contract states that if the warehouse is usable by November 30, 2019, Elkhart will receive a bonus of 600,000. For every week after November 30 that the warehouse is not usable, the bonus will decrease by 150,000. Elkhart provides the following completion schedule: Required: 1. Assume that Elkhart uses the expected value approach. What amount should Elkhart use for the transaction price? 2. Assume that Elkhart uses the most likely amount approach. What amount should Elkhart use for the transaction price? 3. Next Level What is the purpose of assessing whether a constraint on the variable consideration exists?Enterprise Solutions Inc. licenses its productivity software to Blackmon Company for 100,000, payable at contract inception. Enterprise agrees to provide semiannual software upgrades over the 5-year length of the contract to enable Blackmon to benefit from any technological advancement. Enterprise concludes that the software license is not distinct from the promised upgrades. What journal entries are necessary for Enterprise to account for this transaction?
- Meyer & Smith is a full-service technology company. They provide equipment, installation services as well as training. Customers can purchase any product or service separately or as a bundled package. Carla Vista Corporation purchased computer equipment, installation and training for a total cost of $129600 on March 15, 2021. Estimated standalone fair values of the equipment, installation, and training are $82500, $54000, and $25500 respectively. The transaction price allocated to equipment, installation and training isMeyer & Smith is a full-service technology company. They provide equipment, installation services as well as training. Customers can purchase any product or service separately or as a bundled package. Container Corporation purchased computer equipment, installation and training for a total cost of $144,000 on March 15, 2018. Estimated standalone fair values of the equipment, installation, and training are $90,000, $60,000, and $30,000 respectively. The transaction price allocated to equipment, installation and training is. $90,000, $60,000, $30,000 respectively $48,000, $48,000, $48,000 respectively $144,000 for the entire bundle. $72,000, $48,000 and $24,000 respectively. Use information below for questions 4 and 5. BALANCE SHEETS 12/31/19 12/31/18 Cash $408,000…Meyer & Smith is a full-service technology company. They provide equipment, installation services as well as training. Customers can purchase any product or service separately or as a bundled package. Container Corporation purchased computer equipment, installation and training for a total cost of $144,000 on March 15, 2021. Estimated standalone fair values of the equipment, installation and training are $90,000, $60,000 and $30,000 respectively. Write the journal entry to record the transaction on March 15, 2021.
- Meyer & Smith is a full-service technology company. They provide equipment, installation services as well as training. Customers can purchase any product or service separately or as a bundled package. Sunland Corporation purchased computer equipment, installation and training for a total cost of $181440 on March 15, 2021. Estimated standalone fair values of the equipment, installation, and training are $99000, $67200, and $35400 respectively. The transaction price allocated to equipment, installation and training is $60480, $60480, $60480 respectively. $181440 for the entire bundle. $89100, $60480, $31860 respectively. $99000, $67200, $35400 respectively.BoTeck is a full-service technology company. It provides equipment, installation services, and training services. Customers can purchase any product or service separately or as a bundled package. On May 3, Box-Rite Corporation purchased computer equipment, installation, and training for a total cost of $120,000. Estimated stand-alone fair values of the equipment, installation, and training are $75,000, $50,000, and $25,000 respectively. The journal entry to record the sale and installation on May 3 will includeMeyer & Smith is a full-service technology company. They provide equipment, and installation services as well as training. Customers can purchase any product or service separately or as a bundled package. Container Corporation purchased computer, equipment, installation and training for a total cost of P120,000 on March 15, 20x5. Estimated standalone fair values of the equipment, installation, and training are P75,000, P50,000, and P25,000 respectively. The journal entry to recordthe transaction on March 15, 20x4 will include a P120,000 for the entire bundle. Explain why
- A company provide equipment, installation services as well as training to its customers. Customers can purchase any product or service separately or as a bundled package. A customer purchased equipment, installation and training for a total cost of $189,600 on January 1, 2021. Estimated standalone fair values of the equipment, installation, and training are $100,000, $80,000, and $20,000 respectively. The transaction price allocated to installation is $___________.BoTeck is a full-service technology company. It provides equipment, installation services, and training services. Customers can purchase any product or service separately or as a bundled package. On May 3, Box-Rite Corporation purchased computer equipment, installation, and training for a total cost of $120,000. Estimated stand-alone fair values of the equipment, installation, and training are $75,000, $50,000, and $25,000 respectively. Calculate the transaction price allocated to the equipment, installation and training.AGI software inc entered into a $250,000 contract with mcdonald company to transfer a software license, perform the related installation service and provide a tech support for three-year period. AGI sells the license to the software, installation service, and tech support as a bundle of product for a lump-sum price. the installation service and tech support could be performed by other entities and there is a ready market for those services. the stand-alone prices for software, installation service, and tech support service were 160,000 20,000 and 30,000 per year (i.e., total of 90,000 for three years) respectively. The contract was finalized on march 1 2020. AGI delivered the software license on april 1 2020 when its title was transferred to mcdonald. AGI completed installation on may 15 2020 at which point the tech support service will begin covering a period of three years. Upon installation of software on may 15, mcdonald paid for the software, installation service, and one-year…