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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College Accounting Chapters 1- 9
Authors: James A Heintz, Robert W Parry
23rd Edition
1337794783, 978-1337794787
