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XIV - Allocating the Transaction Price Ging Systems sold software to a customer for P80,000. As part of the contract, Ging promises to provide free

XIV - Allocating the Transaction Price Ging Systems sold software to a customer for P80,000. As part of the contract, Ging promises to provide "free" technical support over the next six months. Ging sells the same software without technical support for P70,000 and a stand-alone six-month technical support contract by P30,000, so these products would sell for P100,000 if sold separately. Required: 1. Indicate the transaction price for each of these transactions and when revenue wil be recognized 2. Prepare Ging's journal entry to record the sale of the software

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