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31 Axiom Co. entered into a contract with a customer for $410,000. The contract is for the delivery of equipment and a three-year service maintenance
31 Axiom Co. entered into a contract with a customer for $410,000. The contract is for the delivery of equipment and a three-year service maintenance contract for the equipment. Axiom sells separately the equipment for a selling price of $400,000, and the maintenance contract for three years for $50,000. The equipment was delivered on June 1, 2022. Axiom has a November 30 year-end. Required: Prepare the journal entries required to record the revenue related to this contract during the period June 1, 2022 to November 30, 2022 under IFRS
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