Problem 1 Veras Bus Transportation provides on-campus one-year contract with Moose University to operate the contract, Veras will be paid $100,000 on the last di additional $120,000 at the end of each six-monu * On January 1, based on historical experience, Veras estimated that remain free of accidents for the entire year. * On March 20, three of the most senior drivers at Veras abruptly lett. A inexperienced drivers to fill the vacant positions, cons chance that it would earn the semiannual bonus. On June 30, Moose confirmed that there was no accident between January and Junc, so be entitled to the semiannual bonus. es on-campus bus services for universities. On January 1, it enters into a University to operate five bus lines traveling throughout the campus. Under 100,000 on the last day of each month. In addition, Veras will receive an he end of each six-month period, provided it remains free of accidents. Experience, Veras estimated that there is a 75% chance that it will drivers at Veras abruptly left. As a result, Veras had to hire hill the vacant positions. Consequently. Veras revised its estimate to a 30% o accident between January and June, so Veras would Veras bases estimates of variable consideration on the most likely amount it expects to face atentry to account for the revenue carned from January 1 January 31. 2) Prepare Veras' March 31 journal entry to record the revenue earned from March 1 - March 31, as any appropriate adjustments to the revenue already presumed recorded as earned from January February 28 June 30, as well 3 Prepare Veras June 30 journal entry to account for the revenue earned from June 1 ny necessary adjustments to revenue presumed to have been previously recorded. Problem 2 Bus Transportation provides on-campus bus services for universities. On January 1. it enters into a ar contract with Moose University to operate five bus lines traveling throughout the campus. Under the contract, Terra will be paid $100,000 on the last day of each month. In addition, Terra will receive an disional $120.000 at the end of each six-month period, provided it remains free of accidents. On January 1, based on historical experience, Terra estimated that there is a 75% chance that it will remain free of accidents for the entire year. On March 20, three of the most senior drivers at Terra abruptly left. As a result, Terra had to hire inexperienced drivers to fill the vacant positions. Consequently, Terra revised its estimate to a 30% chance that it would earn the semiannual bonus. . On June 30, Moose confirmed that there was no accident between January and June, so Terra would be entitled to the semiannual bonus. Terra bases estimates of variable consideration on the expected value it expects to receive 1 Prepare Terra's January journal entry to account for the revenue earned from January 1 - January 31. Prepare Terra's March 31 journal entry to record the revenue eamed from March 1 - March 31. as well as any appropriate adjustments to the revenue presumed already recorded as earned from January 1 - February 28 3) Prepare Terra's June 30 journal entry to account for the revenue earned from June 1 - June 30, as well as any necessary adjustments to revenue. 10 Page Problem 1 Veras Bus Transportation provides on-campus one-year contract with Moose University to operate the contract, Veras will be paid $100,000 on the last di additional $120,000 at the end of each six-monu * On January 1, based on historical experience, Veras estimated that remain free of accidents for the entire year. * On March 20, three of the most senior drivers at Veras abruptly lett. A inexperienced drivers to fill the vacant positions, cons chance that it would earn the semiannual bonus. On June 30, Moose confirmed that there was no accident between January and Junc, so be entitled to the semiannual bonus. es on-campus bus services for universities. On January 1, it enters into a University to operate five bus lines traveling throughout the campus. Under 100,000 on the last day of each month. In addition, Veras will receive an he end of each six-month period, provided it remains free of accidents. Experience, Veras estimated that there is a 75% chance that it will drivers at Veras abruptly left. As a result, Veras had to hire hill the vacant positions. Consequently. Veras revised its estimate to a 30% o accident between January and June, so Veras would Veras bases estimates of variable consideration on the most likely amount it expects to face atentry to account for the revenue carned from January 1 January 31. 2) Prepare Veras' March 31 journal entry to record the revenue earned from March 1 - March 31, as any appropriate adjustments to the revenue already presumed recorded as earned from January February 28 June 30, as well 3 Prepare Veras June 30 journal entry to account for the revenue earned from June 1 ny necessary adjustments to revenue presumed to have been previously recorded. Problem 2 Bus Transportation provides on-campus bus services for universities. On January 1. it enters into a ar contract with Moose University to operate five bus lines traveling throughout the campus. Under the contract, Terra will be paid $100,000 on the last day of each month. In addition, Terra will receive an disional $120.000 at the end of each six-month period, provided it remains free of accidents. On January 1, based on historical experience, Terra estimated that there is a 75% chance that it will remain free of accidents for the entire year. On March 20, three of the most senior drivers at Terra abruptly left. As a result, Terra had to hire inexperienced drivers to fill the vacant positions. Consequently, Terra revised its estimate to a 30% chance that it would earn the semiannual bonus. . On June 30, Moose confirmed that there was no accident between January and June, so Terra would be entitled to the semiannual bonus. Terra bases estimates of variable consideration on the expected value it expects to receive 1 Prepare Terra's January journal entry to account for the revenue earned from January 1 - January 31. Prepare Terra's March 31 journal entry to record the revenue eamed from March 1 - March 31. as well as any appropriate adjustments to the revenue presumed already recorded as earned from January 1 - February 28 3) Prepare Terra's June 30 journal entry to account for the revenue earned from June 1 - June 30, as well as any necessary adjustments to revenue. 10 Page