On January 1, 2019, Dealership Inc sold and delivered a car to a customer for $30,000 cash The car included a basic standard one year (assurance) warranty for major parts and a five year extended warranty (commences January 1, 2019 ) for all parts and labour Two performance obligations are identified car and standard warranty and the extended warranty Notes The car could have been sold separately for $28,000 and the extended warranty for $4,000 The estimated cost for the standard warranty is $350 and $350 of cash was spent in 2019 for the standard warranty The estimated cost for the extended warranty is $1,500 and costs are expected to be incurred about evenly during the five year contract $300 of cash was spent in 2019 relating to the extended warranty Required Show all CALCULATIONS Clearly LABEL your answers What is the total impact on REVENUE of Dealership in 2019 as a result of this scenario What is the impact on the liabilities section of the statement of financial position for Dealership at December 31, 2019 as a result of this scenario List all accounts and amounts

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On January 1, 2019, Dealership Inc. sold and delivered a car to a customer for $30,000 cash. The car included a basic standard one-year (assurance)

On January 1, 2019, Dealership Inc. sold and delivered a car to a customer for $30,000 cash. The car included a basic standard one-year (assurance) warranty for major parts and a five-year extended warranty (commences January 1, 2019) for all parts and labour. Two performance obligations are identified: car and standard warranty; and the extended warranty.

Notes:

The car could have been sold separately for $28,000 and the extended warranty for $4,000.
The estimated cost for the standard warranty is $350 and $350 of cash was spent in 2019 for the standard warranty.
The estimated cost for the extended warranty is $1,500 and costs are expected to be incurred about evenly during the five-year contract. $300 of cash was spent in 2019 relating to the extended warranty.

Required: Show all CALCULATIONS. Clearly LABEL your answers.

What is the total impact on REVENUE of Dealership in 2019 as a result of this scenario?

What is the impact on the liabilities section of the statement of financial position for Dealership at December 31, 2019 as a result of this scenario? List all accounts and amounts.