need help1.On December 15, 2016, MMM Company sells equipment to a longstanding customer for $125,000. MMM includes a 1-year assurance warranty service with the sale of all its equipment. The customer receives and pays for the equipment on December 15, 2016. Management estimates the prices to be $122,000 for the equipment and $3,000 for the cost of the assurance warranty.

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Metropolitan State University Acct 312-01, Intermediate Accounting II, Fall 2017 Project #6 Last Name First Name Academic Integrity Guidelines - Projects This take-home/in-class project/quiz is intended to help you learn and practice the topics of the chapters to which this project/quiz pertains. The work you turn in must be your own, as opposed to copied from another. This does not mean you have to work on this project/quiz in isolation. I expect that some, if not all, of you will consult with each other in order to understand, or better understand, the material. Seeking and giving such assistance is encouraged. Additional information academic integrity policy and procedures can be found here: http://www.metrostate.edu/student/university-info/university-info/center-for-faculty-development/teaching-andlearning-resources/teaching-resources/academic-integrity-policy-and-procedures Resources that you may use during projects this semester include the following: Kieso 16th edition Intermediate Accounting textbook 12/31/16 Forms 10-K: The Coca-Cola Company & PepsiCo Your class and study notes I understand and have adhered to Metropolitan State University's Academic Integrity Policies and Procedures and the Academic Honesty Guidelines for this project. _________________________________________________ Signature ___________________ Date General Instructions: T-account format requirement: All recognition of economic transactions must be represented in T-account format. In other words, no points are earned for a general journal presentation. T-account presentation: When using the T-account format, each T-account must be presented under the correct balance sheet category in order to earn points. 1. Five (5) points if the item number is indicated on any attachments to your project: __________ 2. Five (5) points if your name is indicated on each page (project hand-out and any attachments): __________ Go to next page. Copyright 2017 Barbara A. Beltrand. All rights reserved. Page 1 Metropolitan State University Acct 312-01, Intermediate Accounting II, Fall 2017 Project #6 3. Last Name First Name ABC offers a standard contract (referred to as MC100) which is comprised of a free-standing gas grill for small patio use plus installation to a customer's gas line for a total price $950. On a standalone basis, the grill sells for $800 (cost $470), and management estimates that the fair value of the installation service (based on cost-plus estimation) is $200. ABC signed 15 MC100 contracts on May 30, 2016, and the 15 customers paid the contract price in cash. The grills were delivered and installed on June 15, 2016. Using the attached T-account template, prepare journal entries for ABC for their MC100 contracts in May and June 2016. 4. XYZ Company sells its specialty combination gas/wood-fired grills to local restaurants. Each grill is sold for $1,200 (cost $670) on credit with terms 2/20, net/60. The company's accounting policy is to record sales using the net method Using the attached T-account template, prepare the entries for the following: 5. a. Sale of 1 grill to 20 customers on August 1, 2016 b. Cash received from 15 of the 20 customers on August 20, 2016 c. Cash received from the remaining 5 customers on September 29, 2016 On December 15, 2016, MMM Company sells equipment to a longstanding customer for $125,000. MMM includes a 1-year assurance warranty service with the sale of all its equipment. The customer receives and pays for the equipment on December 15, 2016. Management estimates the prices to be $122,000 for the equipment and $3,000 for the cost of the assurance warranty. On December 31, 2016 MMM Company sells equipment to a new customer, for $130,000. MMM includes a 1yar assurance warranty service with the sale of all its equipment. In addition to the assurance warranty, MMM sold an extended warranty (service type warranty) for an additional 2 years (2018 and 2019). The customer receives and pays for the equipment on December 31, 2016. Management estimates the prices to be $122,000 for the equipment, $3,000 for the cost of the assurance warranty, and $2,000 for the extended warranty. Using the attached T-account template, record the above transactions. Copyright 2017 Barbara A. Beltrand. All rights reserved. Page 2 Metropolitan State University Acct 312-01, Intermediate Accounting II, Fall 2017 Project #6 No. Last Name First Name 3 = ASSETS Current Assets LIABILITIES Non-current Assets Property, Plant & Equipment Investments Intangible Assets/Other Copyright 2017 Barbara A. Beltrand. All rights reserved. Current Liabilities + Non-Current Liabilities EQUITY Contributed Capital Earned Capital Page 3 Accumulated OCI Metropolitan State University Acct 312-01, Intermediate Accounting II, Fall 2017 Project #6 No. Last Name First Name 4 = ASSETS Current Assets LIABILITIES Non-current Assets Property, Plant & Equipment Investments Intangible Assets/Other Copyright 2017 Barbara A. Beltrand. All rights reserved. Current Liabilities + Non-Current Liabilities EQUITY Contributed Capital Page 4 Earned Capital Accumulated OCI Metropolitan State University Acct 312-01, Intermediate Accounting II, Fall 2017 Project #6 No. Last Name First Name 5 = ASSETS Current Assets LIABILITIES Non-current Assets Property, Plant & Equipment Investments Intangible Assets/Other Copyright 2017 Barbara A. Beltrand. All rights reserved. Current Liabilities + Non-Current Liabilities EQUITY Contributed Capital Earned Capital Page 5 Accumulated OCI