On August 22, 2021, Cullumber Manufacturing sold on account one of its Model S14 bulldozers including a 5-year service contract for $215,000. The stand-alone price of the equipment is $193,000 and the service contract sells separately between $22,000 and $69,000.

Prepare the appropriate journal entry for the transaction. Ignore cost of goods sold entry.

On August 22, 2021, Cullumber Manufacturing sold on account one of its Model S14 bulldozers including a 5-year service contract for $215,000. The stand-alone price of the equipment is $193,000 and the service contract sells separately between $22,000 and $69,000.

Prepare the appropriate journal entry for the transaction. Ignore cost of goods sold entry.

On August 22, 2021, Cullumber Manufacturing sold on account one of its Model S14 bulldozers including a 5-year service contract for $215,000. The stand-alone price of the equipment is $193,000 and the service contract sells separately between $22,000 and $69,000.

Prepare the appropriate journal entry for the transaction. Ignore cost of goods sold entry.

On August 22, 2021, Cullumber Manufacturing sold on account one of its Model S14 bulldozers including a 5-year service contract for $215,000. The stand-alone price of the equipment is $193,000 and the service contract sells separately between $22,000 and $69,000.

Prepare the appropriate journal entry for the transaction. Ignore cost of goods sold entry.

Your Answer Correct Answer (Used) Assume IFRS is used. Assume that the fair value less cost to sell (net realizable value) at the end of 2020 is $12 and the opening value was $9. Assume that the cost to sell are nil. Prepare the journal entries if the operating costs are expensed each yea r. (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) Amount Titles and Explanation Debit Credit Operating Expenses 1 Cash 1 (Expense costs) Biological Assets 3 Unrealized Gain or Loss 3