Business, 25.10.2019 01:43, ytalbot

Exercise 6-5 (algo) performance obligations [lo6-2, 6-4, 6-5] on march 1, 2021, gold examiner receives $156,000 from a local bank and promises to deliver 106 units of certified 1-oz. gold bars on a future date. the contract states that ownership passes to the bank when gold examiner delivers the products to brink’s, a third-party carrier. in addition, gold examiner has agreed to provide a replacement shipment at no additional cost if the product is lost in transit. the stand-alone price of a gold bar is $1,410 per unit, and gold examiner estimates the stand-alone price of the replacement insurance service to be $90 per unit. brink’s picked up the gold bars from gold examiner on march 30, and delivery to the bank occurred on april 1. required: 1. how many performance obligations are in this contract? 2. to 4. prepare the journal entry gold examiner would record on march 1, march 30 and april 1.

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Exercise 6-5 (algo) performance obligations [lo6-2, 6-4, 6-5] on march 1, 2021, gold examiner receiv...