On November 1,2024 , Taylor signed a one-year contract to provide handyman services on an as-needed basis to King Associates, with the contract to start immediately. King agreed to pay Taylor $4,200 for the one-year period. Taylor is confident that King will pay that amount, but payment is not scheduled to occur until 2025 . Taylor should recognize revenue in 2024 in the mount of Multiple Choice $700 \$0. $4,200. $2,100 buring 2024 , its first year of operations, Ashbaugh Industries recorded sales of $22,000,000 and experienced returns of $1,500,000. Returns are accounted for as they occur, with additional stimated returns accrued at the end of the period. Cost of goods sold totaled $15,400,000 (70\% of sales). The company estimates that 8% of all sales will be returned. The year-end idjusting journal entry to account for anticipated sales returns would include a: Multiple Choice Credit to sales returns of $260,000. Debit to cost of sales of $1,760,000. Debit to sales returns of $1,760,000. Credit to refund liability of $260,000. Drange Incorporated offers a discount on an extended warranty on its oPhone when the warranty is purchased at the time the oPhone is purchased. The warranty normally has a price of \$164, but Orange offers it for $127 when purchased along with an oPhone. Orange anticipates a 80% chance that a customer will purchase the extended warranty along with the oPhone. Assume Orange sells to 1,000 oPhones with the extended warranty discount offer. What is the total stand-alone selling price that Orange would use for the extended warranty discount sption for purposes of allocating revenue among the performance obligations in those 1,000 oPhone contracts? Multiple Choice $0 $29,600 $37,000 $127,000