{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-28T03:34:38-04:00", "answer_date": "2024-06-28 03:34:38", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4230759", "url": "\/study-help\/questions\/108-chandra-dana-and-marcinko-ii-tsa-sold-the-future-4230759", "question_creation_date_js": "2024-06-28T03:34:38-04:00", "question_creation_date": "Jun 28, 2024 03:34 AM", "meta_title": "[Solved] 108 Chandra, Dana. and Marcinko ii. TSA s | SolutionInn", "meta_description": "Answer of - 108 Chandra, Dana. and Marcinko ii. TSA sold the future payment stream from this license arrangement for $65,000 on Ja | SolutionInn", "meta_keywords": "108,chandra,dana,marcinko,ii,tsa,sold,future,payment,stream,license,arrangement", "question_title_h1": "108 Chandra, Dana. and Marcinko ii. TSA sold the future payment stream from this license arrangement for $65,000 on January 1, 2000 on a non-", "question_title": "108 Chandra, Dana. and Marcinko ii. TSA sold the future payment stream", "question_title_for_js_snippet": "108 Chandra, Dana and Marcinko ii TSA sold the future payment stream from this license arrangement for $65,000 on January 1, 2000 on a non recourse basis Prepare the journal entry to record this transaction assuming that the conditions for a sale are met While reviewing this contract in 2003, TSA determined that monthly license fees for this contract did not meet the xed and determinable provision of SOP 97 2 in January 1999 Prepare the journal entries for TSA on January 1, 1999 and January 31, 1999 under this assumption Explain your answer referring to ABC 985 605 2535 Now assume that the license pertains to software for nancial transactions via the intemet that is frequently updated because it is a potential target for hackers The updates are essential in maintaining the utility of the software and are provided free of cost to the customer under the terms of the contract Prepare the journal entries for TSA on January 1, 1999 and January 31, 1999 under this assumption Explain your answer referring to ASC 150610 55 (paras 58, 59, 60, and 62) and ASC 606 10 55 140 (paras D and F Identify the total revenue recognized in each situation (a through c) above and how it is classied (i e , under ILF, MLF, and Interest RevenuefExpense) How much revenue is booked in 1999 in each case Provide reasons for differences in the timing of revenue recognition in the three situations, referring to relevant accounting standards", "question_description": "\"image
\"image<\/div><\/div><\/div> 108 Chandra, Dana. and Marcinko ii. TSA sold the future payment stream from this license arrangement for $65,000 on January 1, 2000 on a non- recourse basis. Prepare the journal entry to record this transaction assuming that the conditions for a sale are met. . While reviewing this contract in 2003, TSA determined that monthly license fees for this contract did not meet the \\\"xed and determinable\\\" provision of SOP 97-2 in January 1999. Prepare the journal entries for TSA on January 1, 1999 and January 31, 1999 under this assumption. Explain your answer referring to ABC 985-605-2535. . Now assume that the license pertains to software for nancial transactions via the intemet that is frequently updated because it is a potential target for hackers. The updates are essential in maintaining the utility of the software and are provided free of cost to the customer under the terms of the contract. Prepare the journal entries for TSA on January 1, 1999 and January 31, 1999 under this assumption. Explain your answer referring to ASC 150610-55 (paras. 58, 59, 60, and 62) and ASC 606-10-55-140 (paras. D and F}. . Identify the total revenue recognized in each situation (a through c) above and how it is classied (i.e., under ILF, MLF, and Interest RevenuefExpense). How much revenue is booked in 1999 in each case? Provide reasons for differences in the timing of revenue recognition in the three situations, referring to relevant accounting standards", "transcribed_text": "", "related_book": { "title": "Global Strategy", "isbn": "0357512367, 978-0357512364", "edition": "5th Edition", "authors": "Mike W. Peng", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/649592eaa157d_32303.jpg", "uri": "\/textbooks\/global-strategy-5th-edition-9780357512364", "see_more_uri": "" }, "free_related_book": { "isbn": "B0CSZ72CF1", "uri": "\/textbooks\/house-wholesaling-mastery-unlocking-profitable-success-the-ultimate-guide-to-house-wholesaling-strategies-for-maximum-profit-and-success-1st-edition-979-8876569806-254376", "name": "House Wholesaling Mastery Unlocking Profitable Success The Ultimate Guide To House Wholesaling Strategies For Maximum Profit And Success", "edition": "1st Edition" }, "question_posted": "2024-06-28 03:34:38", "see_more_questions_link": "\/study-help\/questions\/business-management-leadership-2023-June-05", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/use-the-mannwhitney-u-test-and-the-following-data-to-252148", "description": "Use the Mann-Whitney U test and the following data to determine whether there is a significant difference between the values of group 1 and group 2.Let = .05. 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He makes a down payment of $4,000 and finances the rest of the cost with a 10-year loan. The loan interest rate is j12 = 3.6% and the monthly loan payments are...", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/which-method-is-easier-to-compute-adeclining-balance-method-of-4230758", "next": "\/study-help\/questions\/i-need-this-copleted-to-use-a-study-guide-you-4230760" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": "108 Chandra, Dana. and Marcinko ii. 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