d. 4,000 Cartmalone Co each contract is P 60 service contracts, 40%, is incurred ev mpany sells equipment service contracts that cover a two-year period. The sales price of 0. Carlmalone's past experience is that, of the total pesos spent for repairs on during the second -during the first contract year and go respectively. Carimalone sold s00 contracts and 800 contracts evenly throughout 2017 and 2018, 5. How much is the revenue from service contract for the vear 20187 a. 306,000 b. 372,000 c. 246,000 d. 150,000 6. How much is the deferred service. contract revenue on December 31, 2018? a. 474,000 b. 288,000 c. 90,000 d. 384,000 Brckai Cesiany le entitled to a vear-en Eumee Compan purchased. The loyalty points can be used by the customers in exchange for goods of the entity, During operates a customer loyalty program. The entity grants loyalty points for goods eration of P700,000 for which 3,000 points were granted. The 017, the entity sold goods for a total consid fair value of each loyalty point is P20. The company expects that 60% of the award credits shall be redeemed. Furthermore, 540 points and 780 points were redeemed for the years 2017 and 2018 respectively. However, during 2018, the company revised its expectations and now expects that 80%" of the award credits will be redeemed altogether. . 9. How much is the revenue recognized as a result of redemption of points for the year 20187 a. 18,000 b. 33,000 C. 19,500 d. 15,000 Included in Pauline Company's liablity balances at December 31, 2017 were the following: 10% note payable issued on Oct. 1, 2016 maturing on Oct. 1, 2018 12% note payable issued on 3/1/2016 maturing on 3/1/2018 P 2,000,000 4,000,000 Pauline's 2017 financial statements were issued on March 31, 2018. On December 31, 2017, the entire P 4,000,000 balance of the 12% note payable was refinanced through iss payable lump sum. Under the loan agreement for the 10% refinance the obligation for at least fifteen months after December 31, 2017 ance of a long-term obligation note payable, Pauline has the discretion to 10. What amount of the notes payable should be classified as long-term on December 31 20177 a. 2,000,000 b. 4,000,000 c. 6,000,000 d. 0 A truck owned and operated by Mary Company was involved in an accident with an auto driven by Gidget on December 10, 2017. Mary Company received notice on December 25, 2017 of a lawsuit for P350,000 rsnal Iniury suffered by Gidget. The legal counsel of the company believes that it is hugan P500,000 to 1,000,000. Each point within that