On December 31, 2023, ELI Company sells production equipment to Tang Inc. for $50,000. ELI includes a one-year assurance warranty service with the sale of all its equipment. The customer receives and pays for the equipment on December 31, 2023. ELI estimates the prices to be $48,800 for the equipment and $1,200 for the cost of warranty. Instructions Are the sale of the equipment and the warranty separate performance obligations within the contract? Explain. Prepare a single compound journal entry to record this transaction on December 31, 2024. Ignore any related cost of goods sold entry. Repeat the requirements for part (b), assuming that, in addition to the assurance warranty, ELI sold an extended warranty (service-type warranty) for an additional two years (20242025) for $800. (Hint: Use unearned revenue).

Additional information: 1. During the year, the company made a principal repayment on the bank loan in the amount of $75,000. 2. Equipment with a net carrying amount of $62,000 was sold during the year. 3. No equipment was purchased during the year. Required Prepare a cash flow statement using the direct method only, for the year. Show the Tee a/c's and the selling J/E for Equipment Show the Tee a/c for R/E's

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A B C D G H I Leung LTD. Statement of Financial Position As at September 30, 2023 2023 2022 Assets Current assets: Cash Accounts receivable (net) Inventory Total current assets Equipment Accumulated depreciation, equipment 020000 Total assets Liabilities and shareholders' equity Current liabilities: Bankindebtedness Accounts payable Total current liabilities Bank loan payable Common shares Retained earnings \begin{tabular}{|r|r|} \hline 450000 & 500000 \\ \hline 692000 & 600000 \\ \hline 1142000 & 1120000 \\ \hline 1400000 & 1700000 \\ \hline-1282000 & -1350000 \\ \hline 1260000 & 1470000 \\ \hline \end{tabular} Leung LTD. Statement of Income For the year ended September 30, 2023 Sales revenue Cost of goods sold 10000 0 230000300000 240000300000 395000470000 Gross profit Wages expense 400000400000 225000300000 12600001470000 Utilities expense Depreciation expense 8350000 Rent expense Income from operations 9,000 Income from operations Other Gains/Losses Interest expense Gain on sale of equipment Earnings before income tax Income tax expense 7450000 900000 245000 276000 170000 200000891000 Net income