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Instructions On January 2, 2019, TI enters into a contract with Drewry Corp. to build a new piece of equipment. The contract price is $3,000,000, and construction is expected to take 18 months. Drewry is billed and pays $1,500,000 of the contract price on January 2, 2019, and will pay the balance at completion. TI estimates that the cost of construction will be $2,100,000 Drewry includes two performance bonuses in the contact: .U.S. Bonus: If the equipment design receives a U.S. patent by March 15, 2020, Drewry will pay a $300,000 bonus. International Bonus: If the equipment receives approval for international distribution by January 31, 2020, Drewry will pay a $1,000,000 bonus. The bonuses are payable when a U.S. patent is approved and when international distribution is approved. On the date the contract is signed, TI estimates that there is an 80% chance it will receive U.S. patent protection by March 15, 2020, but only a 30% chance that the equipment will be approved for international distribution. Tl received a U.S. patent on the equipment design on November 15, 2019, and immediately billed Drewry and received its bonus payment. On December 31, 2019, TI has incurred $1,680,000 of contract costs and is 80% complete. TI won approval for international distribution on January 15, 2020, and completed the equipment project on April 15, 2020, at a cost of $2,100,000 Required: 1. Identify the performance obligations in the contract. 2. Provide the journal entries that TI should make to recognize revenue from the contract. CHART OF ACCOUNTS Drewry Corp. General Ledger ASSETS 111 Cash REVENUE 411 Sales Revenue 121 Accounts Receivable 141 Inventory 152 Prepaid Insurance 155 Construction in Progress 156 Partial Billings 181 Equipment 198 Accumulated Depreciation EXPENSES 500 Construction Expenses 511 Insurance Expense 512 Utilities Expense 521 Salaries Expense 532 Bad Debt Expense 540 Interest Expense 541 Depreciation Expense 559 Miscellaneous Expenses 910 Income Tax Expense LIABILITIES 211 Accounts Payable 231 Salaries Payable 250 Unearned Revenue 261 Income Taxes Payable EQUITY 311 Common Stock 331 Retained Earnings Analysis 1. Identify the performance obligations in the contract. Check all that apply. Build the new piece of equipment Acquire the patent Receive international distribution approval General Journal 2. Prepare the journal entries to record 1. the initial contract billing and receipt on January 2, 2019 2. the patent billing and receipt on November 15 3. contract costs incurred for the year on December 31 4. profit recognized for the year on December 31 5. the partial contract billing and receipt on January 15, 2020 6. costs incurred for the year to date on April 15 7. profit recognized for the year to date on April 15 8. the final entry to close the construction accounts on April 15, 2020 PAGE 2019 PAGE 2020 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 2 3 4 5 6 7 8 9 10 11 12 13 PAGE 2019 PAGE 2020 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 2 3 5 7 8 9 10 11 12 13 14 15