Q2

An entity promises to sell 120 products to a customer for $ 120,000 ($ 1,000 per product). The products are Transferred to the customer over a six-month period. The entity transfers control of each product at a point in Time. After the entity has transferred control of 60 products to the customer, the contract is modified to require The delivery of an additional 30 products (a total of 150 identical products) to the customer at a price of $ 950 Per product which is the standalone selling price for such additional products at the time of placing this additional Order. The additional 30 products were not included in the initial contract. It is assumed that additional products are Contracted for a price that reflects the stand alone selling price. Determine the accounting for the modified contract