Palantir Corp. sells specialized equipment to the healthcare industry. Palantir pays its sales agents a salary plus a 5% commission on sales. Sales agents employed by the company sold 10 Osgilith MRI machines that were delivered and installed in January 2019. The MRI machine sells for $45,600 due at the end of 12 months. Alternatively, customers may elect to pay $40,000 at delivery and installation. All customers purchasing machines during January elected to pay at the end of the 12-month period. Required: 1. Determine the transaction price of the Osgilith MRI machines, and discuss how Palantir would account for the sales commission. 2. Discuss whether the delayed payment contract contains a significant financing component. 3. Prepare the journal entries for 2019 for the Osgilith MRI machines sold by Palantir to customers who elect the delayed payment option. 4. Prepare the 2019 journal entries that Palantir would make for the 10 Osgilith MRI machines that are sold if customers elect to pay at delivery. 4. Prepare the 2019 journal entries that Palantir would make for the 10 Osgilith MRI machines that are sold if customers elect to pay at delivery on January 1. 3. Prepare the journal entries for 2019 for the Osgilith MRI machines sold by Palantir to customers who elect the delayed payment option. 1. Determine the transaction price of the Osgilith MRI machines, and discuss how Palantir would account for the sales commission. The transaction price for 10 machines is when customers elect to pay at the end of the 12-month period. Palantir Corp. should recognize revenue in the amount of per machine. In this case, the sales commission is delivered and installed. in January when the machines are 2. Discuss whether the delayed payment contract contains a significant financing component. Palantir is receiving payment 12 months after the delivery and installation of the equipment, therefore they recognize a portion of the $45,600 received as a financing component. The financing component is therefore per machine