On March $1,2024,$ Gold Examiner receives $$150,000$ from a local bank and promises to deliver $95$ units of certified $1-$ounce gold bars on a future date. The contract states that ownership passes to the bank when Gold Examiner delivers the products to Brink's, a thirdparty carrier. In addition, Gold Examiner has agreed to provide a replacement shipment at no additional cost if the product is lost in transit. The stand$-$alone price of a gold bar is $$1,520$ per unit, and Gold Examiner estimates the stand$-$alone price of the replacement insurance service to be $$80$ per unit. Brink's picked up the gold bars from Gold Examiner on March $30,$ and delivery to the bank occurred on April $1.$

Required:

How many performance obligations are in this contract?

to $4.$ Prepare the journal entry Gold Examiner would record on March $1,$ March $30,$ and April $1.$

Complete this question by entering your answers in the tabs below.

Prepare the journal entry Gold Examiner would record on March $1,$ March $30,$ and April $1.$

Note: Do not round intermediate calculations. If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Round your final answers to the nearest whole dollar amount.

Journal entry worksheet

$1$

$2$

$3$

Record the receipt of cash by Gold

Examiner.

Record any unneccesary entry when brinks had picked ho the gold bars from Gold examiner

Roecord any necessary entry upon delivery of the gold bars to the bank