Business, 13.07.2021 15:50, powella033

On January 15, KH sold a mixer it purchased from MU for $80 cash and delivered it to a customer. As part of this purchase, KH issued a coupon to the customer for 8% off the $25 selling price for MU’s new titanium replacement mixer blades (assume the 8% discount constitutes a material right provided to the customer). It is valid for 90 days. KH has not previously sold replacement mixer blades. KH’s management estimates that 50% of the coupons will be redeemed. Prepare a detailed explanation of each of the five steps of revenue recognition. Record all accounting entries for this transaction for KH for January 15 based on guidance on revenue recognition in ASC 606. Include references to the guidance to support your proposed accounting. Show any calculations you make to support your journal entries.

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On January 15, KH sold a mixer it purchased from MU for $80 cash and delivered it to a customer. As...