Question
Shaw Company sells goods that cost $321,000 to Ricard Company for $438,700 on January 2, 2014. The sales price includes an installation fee, which is
Shaw Company sells goods that cost $321,000 to Ricard Company for $438,700 on January 2, 2014. The sales price includes an installation fee, which is valued at $42,800. The fair value of the goods is $395,900. The installation is considered a separate performance obligation and is expected to take 6 months to complete.
Prepare the journal entry to record the sale on January 2, 2014.
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
