Cullumber Tailors sells tablet PCs combined with internet service (Tablet Bundle A) that permits the tablet to connect to the internet anywhere (that is, set up a Wi-Fi hot spot). The price for the tablet and a 4-year internet connection service contract is $450. The stand-alone selling price of the tablet is $225 (cost to Cullumber Tailors $158 ). Cullumber Tailors sells the internet access service independently for an upfront payment of $100, plus $65 payments due January 2,2024,2025, and 2026 . With an imputed interest rate of 8%, the stand-alone value of the service is $268. On January 2,2023 , Cullumber Tailors signed 100 contracts, receiving a total of $28,249 in cash (full payment of $450 each in cash, less the present value of the note for the future service plan payments due January 2 each year), delivered the tablets, and started service for 100 tablet packages. Cullumber Tailors has a calendar year end and records adjusting entries at the end of the year. Click here to view Table A.4 - PRESENT VALUE OF AN ORDINARY ANNUITY OF 1 (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to 0 decimal places, e.g. 5,275.) (a) Allocate the transaction price among the performance obligations of the contract. Assume IFRS is followed. Use Excel to calculate the present value of the note receivable and prepare an instalment note receivable schedule for the term of the note. (Round percentage allocations to 2 decimal places, e.g. 15.25% and final answers to 0 decimal places, e.g. 5,275.) Allocate the transaction price among the performance obligations of the contract. Assume IFRS is followed. Use Excel to calculate the present value of the note receivable and prepare an instalment note receivable schedule for the term of the note. (Round percentage allocations to 2 decimal places, e.g. 15.25% and final answers to 0 decimal places, e.g. 5,275.) Prepare any journal entries on January 2, 2023, and at year end on December 31, 2023. (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 O for the amounts. List all debit entries before credit entries. Round answers to 0 decimal places, e.g. 5,275.) January 2, 2023 (To record cost of goods sold) December 31, 2023 (To accrue interest on instalment note receivable) December 31, 2023 (To record revenue for Internet service provided in 2023) Prepare any journal entries on January 2, 2024, and on December 31, 2024. (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 O for the amounts. List all debit entries before credit entries. Round answers to 0 decimal places, e.g. 5,275.) Prepare any journal entries on January 2, 2025, and on December 31, 2025. (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 O for the amounts. List all debit entries before credit entries. Round answers to 0 decimal places, e.g. 5,275.) Prepare the requirements for part (b), assuming that Cullumber Tailors has no reliable data with which to estimate the standalone selling price for the internet service. (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 0 for the amounts. List all debit entries before credit entries. Round answers to 0 decimal places, e.g. 5,275.)