Recording journal entry after allocating transaction price to performance obligations

-Prepare journal entries would HEC record on November 30, and December 1? Assume HEC uses a perpetual inventory system for recording the cost of goods sold

Hospltal Equipment Company (HEC) acquired several fMRi machines for its inventery at a cost of $4,100 per machine. HEC usually selis these machines to hospitals at a price of $6.440. HEC also separately sells 12 months of training and repar services for fMRI machines for $2.760. HEC is pald $6.440 cash on November 30 for the sale of an fMRi machine delivered on December 1. HEC soid the machine at its regular price but included one year of free training: and repalr service: Prepare journal entries would HEC record on November 30 and December t? (Assume HEC uses a perpetual inventory system fo recording the cost of goods sold) (lif no entry is required for a transaction/event, select "No Journal Entry Requtred" In the first account fleid) 1 Record the receipt of cash. 2 Record the sales revenue for the equipment (MRI machine). 3 Record the cost of goods sold