Presented below are three independent revenue arrangements for Ivanhoe Company. The company follows IFRS. Respond to the requirements related to each revenue arrangement. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to decimal places, e.g. 5,275.) Ivanhoe sells 3-D printer systems. Recently, Ivanhoe provided a special promotion of zero-interest financing for two years on any new 3-D printer system. Assume that Ivanhoe sells Lyle Cartright a 3-D system, receiving a $4,000 zero-interest-bearing note on January 1, 2020. The cost of the 3-D printer system is $3,200. Ivanhoe imputes a 6% interest rate on this zero-interest note transaction. Prepare the journal entries to record the sale on January 1, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and entero for the amounts.) Debit Credit Date January 1, 2020 Account Titles and Explanation Notes Receivable 3560 Sales Revenue 3560 (To record sales) January 1, 2020 Cost of Goods Sold 3200 Inventory 3200 (To record cost of goods sold) Calculate the total amount of revenue to be recognized in 2020. Total revenue for Ivanhoe $ $ 3773.6 Ivanhoe sells 20 non-refundable $108 gift cards for 3-D printer plastic on March 1, 2020. The plastic has a stand-alone selling price of $108 (cost $87). The gift card expiration date is June 30, 2020. Ivanhoe estimates that customers will not redeem 10% of these gift cards. The pattern of redemption is as follows. March 31 April 30 June 30 Cumulative Redemption Rate to Date 50% 80% 85% Prepare the 2020 journal entries related to the gift cards at March 1, March 31, April 30, and June 30. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Crec Date March 1, 2020 March 31, 2020 (To record sales revenue) March 31, 2020 (To record cost of goods sold) March 31, 2020 (To record cost of goods sold) April 30, 2020 (To record sales revenue) April 30, 2020 (To record cost of goods sold) June 30, 2020 (To record sales) June 30, 2020 (To record cost of goods sold) Ivanhoe sells 3-D printers along with a number of retail items. The package price and stand-alone selling prices of each item are as follows. The printer and stand are often sold as a bundle with the bundling discount noted below. Item 3-D printer (cost $3,200) Custom stand (cost $160) Special 3-D plastic (cost $110) Total for bundle Stand-Alone Selling Price $4,000 360 Price When Bundled $3,600 360 140 $4,100 Bundling Discount $400 -0- -0- $400 140 $4,500 Due to the timing of the delivery-the plastic is delivered six months after the printer is delivered to the customer-Ivanhoe chooses to account for two performance obligations: (1) the printer and stand, and (2) the plastic. Prepare the journal entries for Ivanhoe on March 1, 2020, when Ivanhoe receives $41,000 for the sale of 10 printer bundles, and September 1, 2020, when the plastic is delivered to customers. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) Date Debit CI Account Titles and Explanation Notes Receivable March 1, 2020 Sales Discounts Sales Revenue (To record sales) (lo record sales) March 1, 2020 Cost of Goods Sold Inventory (To record cost of goods sold) Sales Revenue September 1, 2020 Sales Revenue (To record sales) Cost of Goods Sold September 1, 2020 Inventory (To record cost of goods sold) Presented below are three independent revenue arrangements for Ivanhoe Company. The company follows IFRS. Respond to the requirements related to each revenue arrangement. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to decimal places, e.g. 5,275.) Ivanhoe sells 3-D printer systems. Recently, Ivanhoe provided a special promotion of zero-interest financing for two years on any new 3-D printer system. Assume that Ivanhoe sells Lyle Cartright a 3-D system, receiving a $4,000 zero-interest-bearing note on January 1, 2020. The cost of the 3-D printer system is $3,200. Ivanhoe imputes a 6% interest rate on this zero-interest note transaction. Prepare the journal entries to record the sale on January 1, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and entero for the amounts.) Debit Credit Date January 1, 2020 Account Titles and Explanation Notes Receivable 3560 Sales Revenue 3560 (To record sales) January 1, 2020 Cost of Goods Sold 3200 Inventory 3200 (To record cost of goods sold) Calculate the total amount of revenue to be recognized in 2020. Total revenue for Ivanhoe $ $ 3773.6 Ivanhoe sells 20 non-refundable $108 gift cards for 3-D printer plastic on March 1, 2020. The plastic has a stand-alone selling price of $108 (cost $87). The gift card expiration date is June 30, 2020. Ivanhoe estimates that customers will not redeem 10% of these gift cards. The pattern of redemption is as follows. March 31 April 30 June 30 Cumulative Redemption Rate to Date 50% 80% 85% Prepare the 2020 journal entries related to the gift cards at March 1, March 31, April 30, and June 30. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Crec Date March 1, 2020 March 31, 2020 (To record sales revenue) March 31, 2020 (To record cost of goods sold) March 31, 2020 (To record cost of goods sold) April 30, 2020 (To record sales revenue) April 30, 2020 (To record cost of goods sold) June 30, 2020 (To record sales) June 30, 2020 (To record cost of goods sold) Ivanhoe sells 3-D printers along with a number of retail items. The package price and stand-alone selling prices of each item are as follows. The printer and stand are often sold as a bundle with the bundling discount noted below. Item 3-D printer (cost $3,200) Custom stand (cost $160) Special 3-D plastic (cost $110) Total for bundle Stand-Alone Selling Price $4,000 360 Price When Bundled $3,600 360 140 $4,100 Bundling Discount $400 -0- -0- $400 140 $4,500 Due to the timing of the delivery-the plastic is delivered six months after the printer is delivered to the customer-Ivanhoe chooses to account for two performance obligations: (1) the printer and stand, and (2) the plastic. Prepare the journal entries for Ivanhoe on March 1, 2020, when Ivanhoe receives $41,000 for the sale of 10 printer bundles, and September 1, 2020, when the plastic is delivered to customers. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) Date Debit CI Account Titles and Explanation Notes Receivable March 1, 2020 Sales Discounts Sales Revenue (To record sales) (lo record sales) March 1, 2020 Cost of Goods Sold Inventory (To record cost of goods sold) Sales Revenue September 1, 2020 Sales Revenue (To record sales) Cost of Goods Sold September 1, 2020 Inventory (To record cost of goods sold)