E5-10 Variable consideration- most likely amount, change in estimate LOS-3, LO5-6 Rocky Guide Service provides guided 1-5 day hiking tours throughout the Rocky Mountain Wildemess Tours hires Rocky to lead various tours that Wildemest sells Rocky receives $1.000 per tour day, and shortly after the end of each month Rocky learns whether it will receive a 100 bonus per tour day is guided during the previous month if its service during that month received an average evaluation of excellent by Wilderness customers. The $1,000 per day and any bonus due are paid in coelump payment shortly after the end of each month . On July 1. based on prior experience, Rocky estimated that there is a 30% chance that it will cam the bonus for July tours. It guided a total of 10 days from July 1-July 15. On July 16, based on Rocky's view that it had provided excellent service during the first part of the month. Rocky revised its estimate to an 80% chance it would earn the bonus for July tours, Rocky also guided customers for 15 days from July 16-July 31. . On August 5 Rocky learned that it did not receive an average evaluation of excellent" for its July tours, so it would not receive any bonus for July, and received all payment due for the July tours Rockyhoses estimates of variable consideration on the most likely amount it expects to receive Required 1. Prepare Rocky's July 15 journal entry to record revenue for tours given from July 1-July 15 2. Prepare Rocky's July 31 journal entry to record revenue for ours given from July 16-July 31. 3. Prepare Rocky's August 5 joumal entry to record any necessary adjustments to revenue and receipt of pay. ment from Wildemes Assume the same facts as in ES-10. Required: Complete the requirements of ES-10 coming that Rocky bases estimates of variable consideration on the expected value it expects to receive E5-11 Variable consideration- expected value change in estimate in IALA E5-10 Variable consideration- most likely amount, change in estimate LOS-3, LO5-6 Rocky Guide Service provides guided 1-5 day hiking tours throughout the Rocky Mountain Wildemess Tours hires Rocky to lead various tours that Wildemest sells Rocky receives $1.000 per tour day, and shortly after the end of each month Rocky learns whether it will receive a 100 bonus per tour day is guided during the previous month if its service during that month received an average evaluation of excellent by Wilderness customers. The $1,000 per day and any bonus due are paid in coelump payment shortly after the end of each month . On July 1. based on prior experience, Rocky estimated that there is a 30% chance that it will cam the bonus for July tours. It guided a total of 10 days from July 1-July 15. On July 16, based on Rocky's view that it had provided excellent service during the first part of the month. Rocky revised its estimate to an 80% chance it would earn the bonus for July tours, Rocky also guided customers for 15 days from July 16-July 31. . On August 5 Rocky learned that it did not receive an average evaluation of excellent" for its July tours, so it would not receive any bonus for July, and received all payment due for the July tours Rockyhoses estimates of variable consideration on the most likely amount it expects to receive Required 1. Prepare Rocky's July 15 journal entry to record revenue for tours given from July 1-July 15 2. Prepare Rocky's July 31 journal entry to record revenue for ours given from July 16-July 31. 3. Prepare Rocky's August 5 joumal entry to record any necessary adjustments to revenue and receipt of pay. ment from Wildemes Assume the same facts as in ES-10. Required: Complete the requirements of ES-10 coming that Rocky bases estimates of variable consideration on the expected value it expects to receive E5-11 Variable consideration- expected value change in estimate in IALA