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bigBoy Equipment Inc. sells heavy-duty forklift trucks. Model 217A has a stand-alone price of $140,000. BigBoy offers to sell the 217A inclusive of a three-year

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bigBoy Equipment Inc. sells heavy-duty forklift trucks. Model 217A has a stand-alone price of $140,000. BigBoy offers to sell the 217A inclusive of a three-year service contract for $100,000 Required: Prepare a journal entry to record the sale of one Model 217A forklift truck plus service contract for $180,000 assuming: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1. A comparable service contract is sold separately tor $60,000. BigBoy uses the relative stand-alone value method tor multiple deliverables. 2. The service contract has a variable stand-alone value ranging from $35,000 to $60,000 and BigBoy uses the residual value method View transaction list Journal entry worksheet Record the sale of Model 217A assuming comparable service contract is sold separately and using relative fair value method. Note: Enter debits before credits. Debit Credit Record entry Clear entry View general journal

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