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These are the correct answers above, please fill out the table of question C TABLE C Prepare the required summary journal entries for the contract
These are the correct answers above, please fill out the table of question C
TABLE C
Prepare the required summary journal entries for the contract based on your analysis in part (a). (Credit account titles are eni D 2 2 How would your answer to part (b), change if Cullumber Sleeper allowed Crane to return any mattresses that were returned by customers who found them uncomfortable? Based on experience, Cullumber Sleeper's management estimated a return rate of 1% and that the mattresses being returned would be donated to local shelters. (Credit account titles are automatically indented when Cullumber Sleeper Ltd. manufactures and sells mattresses to retailers across Canada. In 2024, Cullumber Sleeper signed a two-year contract with Crane Ltd. to supply it with 41,800 mattresses at a price of $102 per unit. Cullumber Sleeper's cost to manufacture a mattress is $23. Cullumber Sleeper provides Crane with 30 -day credit terms from the date of delivery. The following schedule summarizes the production, delivery, and payments in relation to the contract: (a1) Your answer is correct. Determine how much revenue Cullumber Sleeper would be able to recognize in 2024 and 2025. Revenue recognized on 2024$ Revenue recognized on 2025$Step by Step Solution
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