Modest Mobil sells a phone package that consists of a cell phone and one year of "free" cell service with unlimited local calling, texts and data. The package sells for three years of $45 monthly payments. The payments are due at the end of each month and are blended to include and an annual rate of 12% interest a. Identify what is being "sold" or briefly discuss the separate performance obligations Modest should be considering when recognizing revenue on the sale of phone packages. (One sentence or point form) b. Determine the total transaction price. Please show your calculations or calculator inputs. c. A phone package was sold on October 1 (with the first payment on October 31), prepare all of the journal entries that should be recorded on this day. Assume that the phone (which cost Modest, $300) could be sold separately for $500 and the cell service for $1.200. d. Modest has not accounted for payments that prove to be uncollectable in the figures provided above. The company's previous history indicates that 196 of customers default in the first year, 296 in the second COCCIGLIA ROPISCIPOLLACALLIGE COOLICE obligations Modest should be considering when recognizing revenue on the sale of phone packages. (One sentence or point form) b. Determine the total transaction price. Please show your calculations or calculator inputs. c. A phone package was sold on October 1 (with the first payment on October 31), prepare all of the journal entries that should be recorded on this day. Assume that the phone (which cost Modest, $300) could be sold separately for $500 and the cell service for $1.200. d. Modest has not accounted for payments that prove to be uncollectable in the figures provided above. The company's previous history indicates that 1% of customers default in the first year, 296 in the second year and 596 in the final year. 1) In keeping with IFRS/ASPE how do you suggest Modest accounts for the defaults. Assume that sales were $1,000,000. (For simplicity, assume that all of these sales have taken place on December 31, 2020.) The balance in A/R is 5900,000 of which $400.000 are from the current year 5300,000 are from sales a rear ago and $200,000 is from two years ago Support your answer with support from at least one foundational principle from the conceptual framework (excluding full disclosure principle 2 Provide the year and adjusting entries needed to account for potential bad debts Show your calculations you don't think an entry is needed explain why Modest Mobil sells a phone package that consists of a cell phone and one year of "free" cell service with unlimited local calling, texts and data. The package sells for three years of $45 monthly payments. The payments are due at the end of each month and are blended to include and an annual rate of 12% interest a. Identify what is being "sold" or briefly discuss the separate performance obligations Modest should be considering when recognizing revenue on the sale of phone packages. (One sentence or point form) b. Determine the total transaction price. Please show your calculations or calculator inputs. c. A phone package was sold on October 1 (with the first payment on October 31), prepare all of the journal entries that should be recorded on this day. Assume that the phone (which cost Modest, $300) could be sold separately for $500 and the cell service for $1.200. d. Modest has not accounted for payments that prove to be uncollectable in the figures provided above. The company's previous history indicates that 196 of customers default in the first year, 296 in the second COCCIGLIA ROPISCIPOLLACALLIGE COOLICE obligations Modest should be considering when recognizing revenue on the sale of phone packages. (One sentence or point form) b. Determine the total transaction price. Please show your calculations or calculator inputs. c. A phone package was sold on October 1 (with the first payment on October 31), prepare all of the journal entries that should be recorded on this day. Assume that the phone (which cost Modest, $300) could be sold separately for $500 and the cell service for $1.200. d. Modest has not accounted for payments that prove to be uncollectable in the figures provided above. The company's previous history indicates that 1% of customers default in the first year, 296 in the second year and 596 in the final year. 1) In keeping with IFRS/ASPE how do you suggest Modest accounts for the defaults. Assume that sales were $1,000,000. (For simplicity, assume that all of these sales have taken place on December 31, 2020.) The balance in A/R is 5900,000 of which $400.000 are from the current year 5300,000 are from sales a rear ago and $200,000 is from two years ago Support your answer with support from at least one foundational principle from the conceptual framework (excluding full disclosure principle 2 Provide the year and adjusting entries needed to account for potential bad debts Show your calculations you don't think an entry is needed explain why