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3. Norford Truck Company sells tractors to area farmers. The price of each tractor includes GPS service for 24 months. Norford sold a 60 HP
3. Norford Truck Company sells tractors to area farmers. The price of each tractor includes GPS service for 24 months. Norford sold a 60 HP Tractor to Farmer Brown for $45,000 on January 2, 2020. The package included a 24 month GPS package. The stand alone price for the tractor is $49,500 and cost of two years GPS service would be $5,500. a. Identify the separate performance obligations. b. Show the journal entry to record the original sale. c. Show the journal entry that would be required on December 31, 2020
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