Record the following journal entries for Great Wall Construction Inc:

JE 1: To record progress billings in the year

JE 2: To record progress billing payments received in the year

JE 3: To record costs incurred on the contract during the year

JE 4: To record revenue and cost of goods sold related to the contract for the year

Record the following journal entries after reading customer loyalty program

JE 1: To record the provision related to the loyalty program

Record the following journal entries after reading the Petersons Office Furniture and Supplies Ltd Contract

JE 1: September 1-- To record the receipt of furniture from B&X

JE 2: October 31-- To record the sale of B&X furniture during September and the storage fee earned

JE 3: November 30-- To record the payment paid to B&X

Anna Mahars is a financial reporting consultant with Black & White, LLP. She has gained a bit of a reputation around the office as the resident revenue expert. As such, Anna has been asked to assist with three of the firm's clients all of which have unresolved revenue recognition questions. Anna has been provided with the following information to help her with her analysis: Appendix I, Great Wall Construction Inc. contract details Appendix II, Starburst Coffee House Inc. contract details Appendix III, Petersons Office Furniture and Supplies Ltd. contract details Great Wall Construction Inc. Great Wall Construction Inc. started construction of a new city hall during the year. Information related to the contract as at year end is as follows: Contract price Cost incurred during the year Estimated cost to complete Progress billings invoiced Progress billings invoice payments received City hall $16,000,000 3,300,000 11,800,000 5,200,000 4,800,000 Great Wall Construction's controller has determined that the contract obligations will be satisfied over time. The company reports under IFRS. It has decided to use the input method to measure progress and uses a progress billings account. However, the company can only estimate the outcome of a contract reliably when it is at least 30% complete. Costs incurred to date are regarded as recoverable. Starburst Coffee House Inc. Starburst Coffee House Inc. is a public company that follows IFRS. In 2020 it began offering its customers a loyalty reward program. Customers are given a stamp card and for every $10 dollars spent, they earn one stamp. Once a customer has reached 10 stamps, they earn a free coffee with their next purchase (fair value $5.00). Starburst estimates that only 75% of the cards issued to customers will accumulate the 10 stamps to redeem the free coffee. In 2020, 350,000 cards were issued to customers. At December 31, 2020, the cards averaged six stamps each. Starburst has recorded the full amount of sales during the year to revenue. Starburst has requested assistance in calculating and recording the provision related the loyalty program for the year ended December 31, 2020. Petersons Office Furniture and Supplies Ltd. Petersons Office Furniture and Supplies Ltd. (Petersons) is a public company that follows IFRS and has a November year end. In 2020, Petersons decided to accept high-end office furniture on consignment from a new supplier, B&X Ltd. Based on the terms of the contract with B&X, Petersons receives a 25% commission on the selling price of each sale. Any inventory not sold within eight months is returned to B&X. In addition, Petersons will be paid by B&X to compensate for storage expenses at $600 a month. On October 1, Petersons accepted its first shipment of inventory from B&X. It has a distributor cost of $300,000. On October 26, Petersons sold B&X furniture (cost of $86,000) to a customer for a total sales price of $120,000. Petersons deposited the cash received on the sale. On November 30, Petersons paid the total amount owing to B&X, net of commissions and storage costs to date. Anna Mahars is a financial reporting consultant with Black & White, LLP. She has gained a bit of a reputation around the office as the resident revenue expert. As such, Anna has been asked to assist with three of the firm's clients all of which have unresolved revenue recognition questions. Anna has been provided with the following information to help her with her analysis: Appendix I, Great Wall Construction Inc. contract details Appendix II, Starburst Coffee House Inc. contract details Appendix III, Petersons Office Furniture and Supplies Ltd. contract details Great Wall Construction Inc. Great Wall Construction Inc. started construction of a new city hall during the year. Information related to the contract as at year end is as follows: Contract price Cost incurred during the year Estimated cost to complete Progress billings invoiced Progress billings invoice payments received City hall $16,000,000 3,300,000 11,800,000 5,200,000 4,800,000 Great Wall Construction's controller has determined that the contract obligations will be satisfied over time. The company reports under IFRS. It has decided to use the input method to measure progress and uses a progress billings account. However, the company can only estimate the outcome of a contract reliably when it is at least 30% complete. Costs incurred to date are regarded as recoverable. Starburst Coffee House Inc. Starburst Coffee House Inc. is a public company that follows IFRS. In 2020 it began offering its customers a loyalty reward program. Customers are given a stamp card and for every $10 dollars spent, they earn one stamp. Once a customer has reached 10 stamps, they earn a free coffee with their next purchase (fair value $5.00). Starburst estimates that only 75% of the cards issued to customers will accumulate the 10 stamps to redeem the free coffee. In 2020, 350,000 cards were issued to customers. At December 31, 2020, the cards averaged six stamps each. Starburst has recorded the full amount of sales during the year to revenue. Starburst has requested assistance in calculating and recording the provision related the loyalty program for the year ended December 31, 2020. Petersons Office Furniture and Supplies Ltd. Petersons Office Furniture and Supplies Ltd. (Petersons) is a public company that follows IFRS and has a November year end. In 2020, Petersons decided to accept high-end office furniture on consignment from a new supplier, B&X Ltd. Based on the terms of the contract with B&X, Petersons receives a 25% commission on the selling price of each sale. Any inventory not sold within eight months is returned to B&X. In addition, Petersons will be paid by B&X to compensate for storage expenses at $600 a month. On October 1, Petersons accepted its first shipment of inventory from B&X. It has a distributor cost of $300,000. On October 26, Petersons sold B&X furniture (cost of $86,000) to a customer for a total sales price of $120,000. Petersons deposited the cash received on the sale. On November 30, Petersons paid the total amount owing to B&X, net of commissions and storage costs to date