Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In September 2025 , Ivanhoe Corp. commits to selling 150 of its iPhone-compatible docking stations to Metlock Co. for $14,700 ( $98 per product). The

image text in transcribed In September 2025 , Ivanhoe Corp. commits to selling 150 of its iPhone-compatible docking stations to Metlock Co. for $14,700 ( $98 per product). The stations are delivered to Metlock over the next 6 months. After 90 stations are delivered, the contract is modified and Ivanhoe promises to deliver an additional 40 products for an additional $3,720 ( $93 per station). All sales are cash on delivery. (a) Prepare the journal entry for Ivanhoe for the sale of the first 90 stations. The cost of each station is $59. (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 0 for the amounts. List all debit entries before credit entries.) (iv ictula cusi al youns surt) Attempts: 1 of 3 used (b) Prepare the journal entry for the sale of 10 more stations after the contract modification, assuming that the price for the additional stations reflects the standalone selling price at the time of the contract modification. In addition, the additional stations are distinct from the original products as Ivanhoe regularly sells the products separately. (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 0 for the amounts. List all debit entries before credit entries.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essentials of Accounting for Governmental and Not-for-Profit Organizations

Authors: Paul A. Copley

10th Edition

007352705X, 978-0073527055

More Books

Students also viewed these Accounting questions

Question

=+b) Married but not a college graduate?

Answered: 1 week ago

Question

Enhance the basic quality of your voice.

Answered: 1 week ago

Question

Describe the features of and process used by a writing team.

Answered: 1 week ago