Question 1: Use the information below to fill out the blanks in Question 1 - Part 1 .png & Question 1 - Part 2.png

Information: WildhorseCompany sells goods that cost $350,000toSwiftyCompany for $415,000on January 2, 2020. The sales price includes an installation fee, which is valued at $35,700. The fair value of the goods is $389,300. The goods were delivered on March 1, 2020. Installation is considered a separate performance obligation and was completed on June 18, 2020. Under the terms of the contract,SwiftyCompany paysWildhorse$268,000upon delivery of the goods and the balance at the completion of the installation.

Prepare the journal entries for Wildhorse on January 2, March 1, and June 18, 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 0 for the amounts. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Credit (To record sales) (To record cost of goods sold)Using the five-step process for revenue recognition, determine when and how much revenue would be recognized by Wildhorse. Assume IFRS is followed. (Round percentage allocations to 2 decimal places, 15.25 and final answers to 0 decimal places, e.g. 5,275.) Performance Obligation When? How much? Deliver goods Installation Total $On August 15. 2020. Japan Ideas consigned 750 electronic play systems, costing $100 each, to YoYo Toys Company. The cost of shipping the play systems amounted to $1,500 and was paid by Japan Ideas. On December 31, 2020, an account sales summary was received from the consignee, reporting that 420 play systems had been sold for $130 each. Remittance was made by the consignee for the amount due, after deducting a 20% commission. Calculate the inventory value of the units unsold in the hands of the consignee at December 31, 2020. Inventory value of the units unsold $ Calculate the profit for the consignor for the units sold at December 31, 2020. Profit $ Calculate the amount of cash that will be remitted by the consignee at December 31, 2020. Remittance $Flint Corporation shipped $25,000 of merchandise on consignment to Carle Vista Company. Flint paid freight costs of $2,500. Carla Vista Company paid $500 for local advertising, which is reimbursable from Flint. By year end, 60%% of the merchandise had been sold for $21,000. Carla Vista notified Flint, retained a 10% commission, and remitted the cash due to Flint. Prepare Flint's journal entry when cash is received. (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.) Account Titles and Explanation Debit Credit (To record revenue) (To record cost of goods sold)