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could someone take a look for this question ? Oriole Company sells goods that cost $320,000 to Sheffield Company for $435.000 on January 2, 2020.
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Oriole Company sells goods that cost $320,000 to Sheffield Company for $435.000 on January 2, 2020. The sales price includes an installation fee, which is valued at $35,600. The fair value of the goods is $409.400. The goods were delivered on March 1, 2020 Installation is considered a separate performance obligation and was completed on June 18, 2020. Under the terms of the contract. Sheffield Company pays Oriole $257,000 upon delivery of the goods and the balance at the completion of the installation Your answer is partially correct. Using the five-step process for revenue recognition, determine when and how much revenue would be recognized by Oriole. Assume IFRS is followed. (Round percentage allocations to 2 decimal places, 15.25 and final answers to decimal places, eg. 5,275.) Performance Obligation When? How much? Deliver god March 1, 2020 $ 399 400 Installation June 18, 2020 35600 Total $ 435000 eTextbook and Media List of Accounts Your answer is partially correct. Prepare the journal entries for Oriole on January 2, March 1, and June 18,2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) Question 8 of 8 0.74/1 Your answer is partially correct. Prepare the journal entries for Oriole on January 2, March 1, and June 18, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Credit .2020 No Entry 0 No Entry 0 2020 cash 257000 Accounts Receivable 142400 Sales Revenue 399400 (To record sales) 2020 Cost of Goods Sold 320000 Inventory 320000 (To record cost of goods sold) 020 Cash 178000 Service Revenue 35600 Accounts Receivable 142400 e Textbook and Media Assistance Used OStep by Step Solution
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