Brooklyn Inc. buys and sells swim pas that are used in homes across Ontario. The company follow ASPE Loit selling price range from $10,000 to $30,000 Brooklyn Inc. sells a swim spa to the Lee family on April 15th, 2021. The selling price for this particular swim Spa is usually S70,300 Brooklyn Inc. will also install the machine. The estimated for value of installing the swim Spa is $3,700 Brooklyn Inc. sold the swim spa and installation to the Lee family for $65,000. The swim spa cost Brooklyn Inc. $32,000. The Lee family is obligated to pay Brooklyn Inc. $20,000 upon delivery of the swim spa and the balance on June 1st Brooklyn Inc. delivers the swim spa on May 1st, 2021, and completes the installation of the swim spa on May 20th, 2021 On June 1" the Lee family informs Brooklyn Inc. that they will be not be able to pay their account that is due. The two parties enter into an agreement out the bed into a non-interest bearing promissory note to be repaid in one year from now. Brooklyn Inc. borrows funds at a rate of Leefmily has vanous loans at year end is December 31 in prepare the journal entries for 2021 aod 2002. If there is no entry be sure to state no entry, Tint remember to allocate the rover anting the different performance obligations are then use this information when you prepare the journal entries. In your answer do not use the account "discount on notes". (17 marks) in the company followed IFRS when should the revenue be recognized for the sale of the swim spa and why? Be sure to list the criteria and apply it to the question marks) Brooklyn Inc. buys and sells swim pas that are used in homes across Ontario. The company follow ASPE Loit selling price range from $10,000 to $30,000 Brooklyn Inc. sells a swim spa to the Lee family on April 15th, 2021. The selling price for this particular swim Spa is usually S70,300 Brooklyn Inc. will also install the machine. The estimated for value of installing the swim Spa is $3,700 Brooklyn Inc. sold the swim spa and installation to the Lee family for $65,000. The swim spa cost Brooklyn Inc. $32,000. The Lee family is obligated to pay Brooklyn Inc. $20,000 upon delivery of the swim spa and the balance on June 1st Brooklyn Inc. delivers the swim spa on May 1st, 2021, and completes the installation of the swim spa on May 20th, 2021 On June 1" the Lee family informs Brooklyn Inc. that they will be not be able to pay their account that is due. The two parties enter into an agreement out the bed into a non-interest bearing promissory note to be repaid in one year from now. Brooklyn Inc. borrows funds at a rate of Leefmily has vanous loans at year end is December 31 in prepare the journal entries for 2021 aod 2002. If there is no entry be sure to state no entry, Tint remember to allocate the rover anting the different performance obligations are then use this information when you prepare the journal entries. In your answer do not use the account "discount on notes". (17 marks) in the company followed IFRS when should the revenue be recognized for the sale of the swim spa and why? Be sure to list the criteria and apply it to the question marks)
