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Problem 16 [sale with material right - inverted] Assume that on July 1, 2020 you paid cash to purchase a television from Best Buy for
Problem 16 [sale with material right - inverted] Assume that on July 1, 2020 you paid cash to purchase a television from Best Buy for $500. As part of a promotional effect, Best Buy gives you a coupon that allows you to buy a wall mount for the TV for $20. The wall mount normally sells for $_. The coupon expires after 30 days. Based on historical records, Best Buy estimates that 50% of customers utilize the coupon to buy the wall mount. Customers cannot obtain this special deal on the wall mount by any other means. Assume that Best Buy uses the residual method to estimate the stand-alone selling price of the TV without the discount coupon if such estimation is needed. Best Buy recorded the following the sale as follows Cash 500 Sales revenue 400 Deferred revenue - coupon 100 (Entry made by Best Buy on the sales date) Required 1. What must have been the normal selling price of the wall mount
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