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Rodgers Conumunications Systems signed a contract to develop and instal an integrated network for Revolve Auto Dealerships, Inc. in five phases. Each pharse is considered a each huve standalone values as follows. (Click the icon to viow the utandalone values) [Crick the icon to viow the additional information) Rodgers Communicationa Systems signed a contract to develop and install an integrated network for Revolve Auto Dealerships, Inc in five phases. Each phase is considered a pertomance obfigation The transaction price, Induding instaltation, is 52,500,000 Each phase ts fully functional at the point of delivery The five phases of the total network products each have standalone values as follown (Click the icon to view the standalone values) [Click the icon to view the additional information) Resd the requinments Requiremsent a. Propare the journal entry to record any revenue to be recognired during the current period Show al supporting coenputations Begin by preparing the entry to record the contract (Record debits finst, then credts, Exclude expianations from any joumat entries) Rodgers Cornmunications Systoms signed a contract to devolop and install an integrated notwork for Revolve Auto Dealerships, Inc. in five phases. Each phase is considered a each have standalone values as follows. [Cick the icon to view the standalone values.) (Click the icon to view the addstional information) Read the remarements Prepare the joumal entry for rovonue to be recognited at the end of the current yoar after Phases 1 and 2 are completed (Recond debits fint, then credits. Exclude oxplanations from any joumal entries, Requirement b. Prepare disclosures retaled to any rensining performance obligations at the end of the current year As of December 31, the aggegate amount of the transaction pice alocatod to the remuining performance abligations is Gundy expects to recognize this revenue as developenent and installation of the network syutem is completed. which is expected to occur over the next 12-24 months: Rodgers Conumunications Systems signed a contract to develop and instal an integrated network for Revolve Auto Dealerships, Inc. in five phases. Each pharse is considered a each huve standalone values as follows. (Click the icon to viow the utandalone values) [Crick the icon to viow the additional information) Rodgers Communicationa Systems signed a contract to develop and install an integrated network for Revolve Auto Dealerships, Inc in five phases. Each phase is considered a pertomance obfigation The transaction price, Induding instaltation, is 52,500,000 Each phase ts fully functional at the point of delivery The five phases of the total network products each have standalone values as follown (Click the icon to view the standalone values) [Click the icon to view the additional information) Resd the requinments Requiremsent a. Propare the journal entry to record any revenue to be recognired during the current period Show al supporting coenputations Begin by preparing the entry to record the contract (Record debits finst, then credts, Exclude expianations from any joumat entries) Rodgers Cornmunications Systoms signed a contract to devolop and install an integrated notwork for Revolve Auto Dealerships, Inc. in five phases. Each phase is considered a each have standalone values as follows. [Cick the icon to view the standalone values.) (Click the icon to view the addstional information) Read the remarements Prepare the joumal entry for rovonue to be recognited at the end of the current yoar after Phases 1 and 2 are completed (Recond debits fint, then credits. Exclude oxplanations from any joumal entries, Requirement b. Prepare disclosures retaled to any rensining performance obligations at the end of the current year As of December 31, the aggegate amount of the transaction pice alocatod to the remuining performance abligations is Gundy expects to recognize this revenue as developenent and installation of the network syutem is completed. which is expected to occur over the next 12-24 months