P $6-7$ Variable consideration; constraint and change of estimate $$ LO$6-3,$ LO$6-6$

Assume the same facts as P $6-6.$

Required:

Assume that Super Rise anticipates it will earn the performance bonus, but is highly uncertain about its estimate given unfamiliarity with

the bui. Main content incertainty about its access to the elevators and related equipment. Prepare the journal entry Super Rise would record

on January $1.$

Assume the same facts as requirement $1.$ In addition, assume that, on May $31,$ Super Rise determines that it has sufficient experience

with the company to make an accurate estimate of the likelihood that it will earn the performance bonus, and concludes that it is likely

to earn the performance bonus. Prepare the journal entry Super Rise would record on May $31$ to recognize May revenue and any

necessary revision in its estimated bonus receivable.