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3 On March 1 , 2 0 2 4 , Gold Examiner receives $ 1 5 0 , 0 0 0 from a local bank
On March Gold Examiner receives $ from a local bank and promises to deliver units of certified ounce gold bars on a future date. The contract states that ownership passes to the bank when Gold Examiner delivers the products to Brink's, a thirdparty carrier. In addition, Gold Examiner has agreed to provide a replacement shipment at no additional cost if the product is lost in transit. The standalone price of a gold bar is $ per unit, and Gold Examiner estimates the standalone price of the replacement insurance service to be $ per unit. Brink's picked up the gold bars from Gold Examiner on March and delivery to the bank occurred on April Required: How many performance obligations are in this contract? to Prepare the journal entry Gold Examiner would record on March March and April Complete this question by entering your answers in the tabs below. Req to Prepare the journal entry Gold Examiner would record on March March and April Note: Do not round intermediate calculations. If no entry is required for a transactionevent select No journal entry required" in the first account field. Round your final answers to the nearest whole dollar amount. Journal entry worksheet Record the receipt of cash by Gold Examiner.
On March Gold Examiner receives $ from a local bank and promises to deliver units of certified ounce gold bars on a future date. The contract states that ownership passes to the bank when Gold Examiner delivers the products to Brink's, a thirdparty carrier. In addition, Gold Examiner has agreed to provide a replacement shipment at no additional cost if the product is lost in transit. The standalone price of a gold bar is $ per unit, and Gold Examiner estimates the standalone price of the replacement insurance service to be $ per unit. Brink's picked up the gold bars from Gold Examiner on March and delivery to the bank occurred on April
Required:
How many performance obligations are in this contract?
to Prepare the journal entry Gold Examiner would record on March March and April
Complete this question by entering your answers in the tabs below.
Req to
Prepare the journal entry Gold Examiner would record on March March and April
Note: Do not round intermediate calculations. If no entry is required for a transactionevent select No journal entry required" in the first account field. Round your final answers to the nearest whole dollar amount.
Journal entry worksheet
Record the receipt of cash by Gold Examiner.
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