This assignment is due soon, I want to check my answers before I submit them. Please submit an answer within 0.5 to 1 hour. Please submit what you have within 1.5 hours, or this question is wasted and will be thumbed down. Thank you for your help in advance!

On January 1, 2021, Robie GM Dealership Inc. sold and delivered a car to a customer for $60,000 cash. The car included a basic standard one-year (assurance) warranty for major parts and a five-year extended warranty (commences January 1, 2021) for all parts and labour. Two performance obligations are identified: car and standard warranty; and the extended warranty.

Notes:

• The car could have been sold separately for $56,000 and the extended warranty for $8,000.
• The estimated cost for the standard warranty is $750 and $750 of cash was spent in 2021 for the standard warranty.
• The estimated cost for the extended warranty is $3,000 and costs are expected to be incurred about evenly during the five-year contract. $500 of cash was spent in 2021 relating to the extended warranty.

Required: Show all CALCULATIONS. Clearly LABEL your answers.

1. What is the total impact on REVENUE of Robie GM Dealership in 2021 as a result of this scenario?

2. What is the impact on the liabilities section of the statement of financial position for Robie GM Dealership at December 31, 2021 as a result of this scenario? List all accounts and amounts.