Sheffield enters into a contract with Sheridan Company to purchase a gas fireplace unit. The sale agreement is for a total price of $2930 and includes delivery of the unit, installation, and a two-year warranty. Installation successfully occurred on November 1, 2021. Sheridan Company often sells this gas fireplace for $2480 and offers installation and warranty services at $460 and $220 respectively. Using the stand-alone fair values, what amount would be recorded as revenue on November 1, 2021 under the contract-based approach to revenue recognition? Round intermediate calculation to 2 decimal places, e.g. 3.12 and final answer to the nearest whole dollar, e.g. 3.

Sheffield enters into a contract with Sheridan Company to purchase a gas fireplace unit. The sale agreement is for a total price of $2930 and includes delivery of the unit, installation, and a two-year warranty. Installation successfully occurred on November 1, 2021. Sheridan Company often sells this gas fireplace for $2480 and offers installation and warranty services at $460 and $220 respectively. Using the stand-alone fair values, what amount would be recorded as revenue on November 1, 2021 under the contract-based approach to revenue recognition? Round intermediate calculation to 2 decimal places, e.g. 3.12 and final answer to the nearest whole dollar, e.g. 3. O $2726 O $2480 $2296 O $2930