Having trouble getting started on my financial accounting assignment for grad school.....It involves recognizing revenue and journal entries as well

Problem Set A Mad River Mountain, a downhill ski resort located outside of Columbus, Ohio, offers an all day lift ticket for $60. Mad River also offers an adult, season's pass for $150. The pass provides the holder with unlimited access to ski the mount Mad River expects their season pass holders to use the pass evenly throughout the season. Mad River sells a full set of skis for $400. The cost of the skis to Mad River is $200. Mad River offers a 60-day money back, satisfaction guarantee on their ski sales. Based on past experience, 10% of custome Mad River's fiscal year end is December 31. On December 2, 2016, a ski club visits the mountain to ski. The ski club purchases a season's pass and set of skis for each o On January 5, 2017, one customer returns his/her skis. REQUIRED: 1 Do the journal entry for December 2, 2016. 2 Do the adjusting journal entries for December 31, 2016. 3 What will be reported on the 12/31/2016 Income Statement and Balance Sheet? 4 Do the journal entry for January 5, 2017. 12/2/2016 12/31/2016 Financial Statement Effects Income Statement Balance Sheet 1/5/2017 n all day lift ticket for $60. th unlimited access to ski the mountain from the beginning of December until the end of April. on past experience, 10% of customers return their skis. ason's pass and set of skis for each of its ten (10) members. Mad River agrees to bill the ski club. Problem Set B Mordor Manufacturing (Mordor), a calendar year end firm, entered into a sales agreement with Gamgee Gummy Bear Inter The assembly line system consists of three components. Mordor will install the assembly line at Gamgee's manufacturing fa The sales agreement between Mordor and Gamgee provides for the following deliverables and pricing: 1 Blending Segment 2 Stamping Segment 3 Packaging Segment 4 Installation Total Package Price $100,000 175,000 50,000 25,000 $350,000 Modor sells each segment separately, as well as performs installation on similar assembly lines purchased from competitors Competitors sell similar Blending, Stamping and Packaging Segments that are interchangable with Modor's segments. In ad When sold separately, Modor sells each for the following: 1 Blending Segment 2 Stamping Segment 3 Packaging Segment 4 Installation $120,000 200,000 50,000 30,000 $400,000 The parties sign the contract on December 15, 2016 and Gamgee pays $350,000. The parties have no reason to believe the On December 25, Modor delivers the Blending and Stamping Segments. The Packaging Segment is on back order. On January 5, 2017 Modor delivers the Packaging Segment. On January 15, 2017 Modor installs the assembly line at Gamgee's manufacturing facility. REQUIRED: Go through the template below to follow the 5-Step Revenue Recognition Process under ASC 606 un 1 Is there a contract? Yes/No 2 How many performance obligations are in the sales agreement? 3 What is the transaction price? 4 How much of the transaction price should Mordor allocate to each performance obligation? Performance Obligat Amount 5 When should Modor recognize revenue? Please give dates and amounts. Amount Date Descripton Gamgee Gummy Bear International (Gamgee) for an gummy bear assembly line and installation services. Gamgee's manufacturing facility. purchased from competitors. with Modor's segments. In addition, several other competitors also sell installation services separately. ve no reason to believe the other will not perform under the contract. There is no right of return on any component. nt is on back order. Process under ASC 606 under the original facts presented above. e obligation? Problem Set C Refer to Problem Set B. Assume all the same facts, EXCEPT: Now assume: Modor does NOT sell each segment separately, only the assembly line as a whole. The assembly line components are unique to Modor and are NOT interchangable with similar segments from competitors. The assembly line will not work without all three segments and the independent segments would have no alternative use w Modor does sell installation services separately for other competitor's similar assembly lines. In addition, several other competitors also sell installation services separately and would be available to install a Modor sys If the pieces were sold separately, the individual selling prices or the sum of the individual selling prices would remain the REQUIRED:How would the 5-Step Revenue Recognition Process under ASC 606 change under the REVISED facts 1 Is there a contract? Yes/No 2 How many performance obligations are in the sales agreement? 3 What is the transaction price? 4 How much of the transaction price should Mordor allocate to each performance obligation? Performance Obligat Amount 5 When should Modor recognize revenue? Please give dates and amounts. Amount Date Descripton ar segments from competitors. ould have no alternative use without the other two. available to install a Modor system. elling prices would remain the same as in Problem Set B. ge under the REVISED facts presented above. e obligation