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LO62 Judgment Case 6-3 Satisfaction of performance obligations L06-2 Ethics Case 6-4 Revenue recognition - LO6-2 Cutler Education Corporation developed a software product to help children under age 12 leur mathematics. The software contains two separate parts: Basic Level (Level D) and Intermediate Level (Level II). Parents purchase cach level separately and are eligible to purchase the access code for Level II only if their children pass the Level I exam. Kerry purchases the Level 1 software at a price of $50 for his son, Tom, on December 1. Suppose Tom passed the Level I test on December 10, and Kerry immediately purchased the access code for Level II for an additional $30. Cutler provided Kerry with the access code to Level II on December 20. Required: Indicate the date upon which Cutler would recognize revenue for the sale of Level I and Level 1 software. Horizon Corporation manufactures personal computers. The company began operations in 2016 and reported profits for the years 2016 through 2019. Due primarily to increased competition and price slashing in the industry, 2020's income statement reported a loss of $20 million. Just before the end of the 2021 fiscal year, a memo from the company's chief financial officer to Jim Fielding, the company controller, included the following comments: If we don't do something about the large amount of unsold computers already manufactured, our auditor will require us to write them off. The resulting loss for 2021 will cause a violation of our debt covenants and force the company into bankruptcy. I suggest that you ship half of our inventory to J.B. Sales, Inc., in Oklahoma City: 1 know the company's president and he will accept the merchandise and acknowledge the shipment as a purchase We can record the sale in 2021 which will boost profits to an acceptable level. Then J.B. Sales will simply return the merchandise in 2022 after the financial statements have been issued. Required: Discuss the ethical dilemma faced by Jim Fielding. CHAPTER 6 Revenue Recognition 333 Judgment Case 6-5 Satisfying performance obligations L062 06-3 Consider cach of the following scenarios separately: Scenario 1; Crown Construction Company entered into a contract with Star Hotel for building a highly sophis ticated, customized conference room to be completed for a fixed price of $400,000. Nonrefundable progress payments are made on a monthly basis for work completed during the month. Legal title to the conference room equipment is held by Crown until the end of the construction project, but if the contract is terminated before the conference room is finished, Star retains the partially completed job and must pay for any work