Hi, i need help with part c. i've done part b, hut not sure whether they are correct, because part c is closely related to part b.
please provide detailed solution and explanation, thanks!
Pharoah Appliance Co. manufactures low-price, no-frills appliances that are in great demand for rental units. Pricing and cost information on Pharoah's main products are as follows. Customers can contract a purchase either individually at the stated prices or for a three-item bundle with a price of $1,910. The bundle price includes delivery and installation. Pharoah provides delivery and installation as a stand-alone service for any of its products for \$100. The company follows IFRS. Respond to the requirements related to the following independent revenue arrangements for Pharoah. Your answer has been saved. See score details after the due date. Sandhill Property Managers operates upscale student apartment buildings. On May 1, 2023, Pharoah signs a contract with Sandhill for 280 appliance bundles to be delivered and installed in one of its new buildings. Sandhill pays 20% cash at contract signing and will pay the balance on delivery and installation, no later than August 1, 2023. Prepare journal entries for Pharoah on May 1,2023, and August 1, 2023, when all appliances are delivered and installed. (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. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Refer to the arrangement in part (b). It would help Sandhill secure lease agreements with students if the delivery and installation of the appliance bundles can be completed by July 1,2023. Sandhill offers a 10% bonus payment if Pharoah can complete delivery and installation by July 1,2023. Pharoah estimates its chances of meeting the bonus deadline to be 60%, based on a number of prior contracts of similar scale. Repeat the requirement for part (b), given this bonus provision. Assume installation is completed by July 1, 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. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)