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pls help me asap a. Innotech Apps Berhad entered two contracts on the same date with Advance Cool Corporation. Innotech Apps has provided the following
pls help me asap
a. Innotech Apps Berhad entered two contracts on the same date with Advance Cool Corporation. Innotech Apps has provided the following analysis of price and cost for the contracts: Advance Cool, the customer, may cancel both contracts if either of them is not fulfilled by Innotech Apps in a timely manner. Stand-alone prices are typically RM275,000 for the goods in Helixx and RM 300,000 for the goods in PrimaxX. i. Should the two contracts be combined for purposes of applying the five-step revenue recognition model? Why? Calculate the transaction price? (4 marks) ii. Calculate amount of revenue should Innotech Apps Berhad associate with each of the contracts? (6 marks) iii. Explain when should revenue be recognized on each of the contracts
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