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2 Section 3 Date 10% 4 5 Pharoah Inc. sells storage buildings of various sizes to homeowners and businesses. 6 7 Respond to the requirements related to the following independent revenue arrangements for Pharoah products and services. 8 9 10 11 12 13 14 15 16 17 18 19 Pharoah offers a storage building R400, mainly to homeowners. Pharoah will also install the building for the customer. The price for Pharoah to deliver and install an R400 is $5,600. On a standalone basis, the building sells for $5,400 (cost $3,300), and Pharoah estimates that the standalone selling price of the installation service (based on cost-plus estimation) is $500. (The selling of the building and the installation services are considered two performance obligations.) Pharoah signed 17 contracts to deliver and install R400s on April 5, 2019. Cash was received from the customer on April 5. The buildings were delivered and installed during May 15, 2019, Instructions (a) How should the transaction price be allocated among the service obligations? (b) Prepare journal entries for Pharoah for R400 on April 5 and May 15, 2019. 20 21 22 23 Account Titles Prob #2 Held to Maturity Prob 3 Sales with Returns nebil Credit Prob 14 Standalone Sales Prob Type here to search 0 a