Presented below are two independent revenue arrangements for Flounder Company. Respond to the requirements related to each revenue arrangement. Click here to view factor table. Flounder sells 3D printer systems. Recently, Flounder provided a special promotion of zero-interest financing for 2 years on any new 3D printer system. Assume that Flounder sells University co-op a 3D system, receiving a $6,400 zero-interest-bearing note on March 1, 2020. The cost of the 3D printer system is $3,840. Flounder imputes a 8% interest rate on this zero-interest note transaction. Prepare the journal entry to record the sale on March 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 enter O for the amounts. Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places, e.g. 58,971.) Compute the total amount of revenue to be recognized in 2020. (Round answer to 0 decimal places, e.g. 58,971.) Flounder sells 100 nonrefundable $63 gift cards for 3D printer paper on February 28,2020 . The paper has a standalone selling price of $63 (cost $45 ). The gift cards expiration date is June 30,2020 . Flounder estimates that customers will not redeem 10% of these gift cards. The pattern of redemption is as follows. Prepare the 2020 journal entries related to the gift cards at February 28, 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 0 for the amounts. Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971.) (To record cost of goods sold) (To record sales of cards redeemed) (To record cost of goods sold) (To record sales of cards redeemed) (To record cost of goods sold) (To record sales of cards not redeemed) Presented below are two independent revenue arrangements for Flounder Company. Respond to the requirements related to each revenue arrangement. Click here to view factor table. Flounder sells 3D printer systems. Recently, Flounder provided a special promotion of zero-interest financing for 2 years on any new 3D printer system. Assume that Flounder sells University co-op a 3D system, receiving a $6,400 zero-interest-bearing note on March 1, 2020. The cost of the 3D printer system is $3,840. Flounder imputes a 8% interest rate on this zero-interest note transaction. Prepare the journal entry to record the sale on March 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 enter O for the amounts. Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places, e.g. 58,971.) Compute the total amount of revenue to be recognized in 2020. (Round answer to 0 decimal places, e.g. 58,971.) Flounder sells 100 nonrefundable $63 gift cards for 3D printer paper on February 28,2020 . The paper has a standalone selling price of $63 (cost $45 ). The gift cards expiration date is June 30,2020 . Flounder estimates that customers will not redeem 10% of these gift cards. The pattern of redemption is as follows. Prepare the 2020 journal entries related to the gift cards at February 28, 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 0 for the amounts. Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971.) (To record cost of goods sold) (To record sales of cards redeemed) (To record cost of goods sold) (To record sales of cards redeemed) (To record cost of goods sold) (To record sales of cards not redeemed)
