View Policies Current Attempt in Progress A product and service are bundled together and sold to customers for $450. The fair values of the product and service are $350 and $150 respectively. Under the residual method, how much would be allocated to the product? O $300.00 O $388.89 O $350.00 O $150.00 Current Attempt in Progress Blues Construction Corp. has consistently used the percentage-of-completion method. During 2020, Blues entered into a fixed- price contract to construct an office building for $6,000,000. Information relating to the contract is as follows: Percentage of completion Estimated total cost at completion Gross profit recognized (cumulative) At December 31 2020 2021 15% 45% $4,500,000 $4,800,000 225,000 540,000 Under the earnings approach, contract costs incurred during 2021 were O $1,440,000. O $2,160,000. $1,575,000. $1,485,000. View Policies Current Attempt in Progress Halo Company entered into a contract with Ringo Corporation, in which Halo agreed to provide Ringo with building supplies. Ringo agreed to pay a total of $27,000 at delivery. Under the contract-based view, Halo's net contract position can be assumed to be O $18,000. $9,000. $27,000. O $0. Question 12 of 45 View Policies Current Attempt in Progress -/1 On June 1, Freedom Distributions (FD) shipped 100 TVs to Universal TV (UTV) on consignment. FD buys these TVs from their supplier for $600 each and UTV then retails them for $1,200 each. By the end of June, UTV reported that they had sold 60 of these consigned TVs, retains a 10% commission, and remitted the appropriate amount to FD. How much revenue should be recorded by FD in connection with this transaction? O $36,000 O $72,000 O $60,000 O $48,000 View Policies Current Attempt in Progress Meg Inc, incurred the following infrequent losses during 2020: A $135,000 write down of equipment leased to others (net of tax) A $60,000 adjustment of accruals on long-term contracts (net of tax) A $90,000 write off of obsolete inventory (net of tax) Of those losses, what amount should be included in Meg's 2020 income from continuing operations? O $150,000 O $285,000 O $225,000 O $195,000 8 Of 45 View Policies Current Attempt in Progress If the value of an asset that has been written down later increases, to what extent may the related gain be recognized? None of the gain may be recognized. O No remeasurements may be recognized. O Up to the amount of the original loss. O Up to the fair market value of the asset. -/1 E