#2. Chanze Corporation is a full-service technology company. They provide Machineries, installation services as well as training. Customers can purchase any product or service separately or as a bundled package. Chanze Corporation purchased machineries, installation and training for a total cost of $600,000 on March 15, 2021. Estimated standalone fair values of the equipment, installation, and training are $200,000, $100,000, and $100,000 respectively. Instruction: a) The transaction price allocated to equipment, installation and training is Machineries Installation Training
#2. Chanze Corporation is a full-service technology company. They provide Machineries, installation services as well as training. Customers can purchase any product or service separately or as a bundled package. Chanze Corporation purchased machineries, installation and training for a total cost of $600,000 on March 15, 2021. Estimated standalone fair values of the equipment, installation, and training are $200,000, $100,000, and $100,000 respectively. Instruction: a) The transaction price allocated to equipment, installation and training is Machineries Installation Training
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
solve both question and do not give solution in image format
![#2. Chanze Corporation is a full-service technology company. They provide Machineries,
installation services as well as training. Customers can purchase any product or service separately or
as a bundled package. Chanze Corporation purchased machineries, installation and training for a
total cost of $600,000 on March 15, 2021. Estimated standalone fair values of the equipment,
installation, and training are $200,000, $100,000, and $100,000 respectively.
Instruction:
a) The transaction price allocated to equipment, installation and training is
Machineries
Installation
Training
b) The journal entry to record the sale of the machinery
Date
September 1
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Feb774243-7844-4a51-b4aa-3ff5db343bed%2Ff5384e09-2f15-4854-a9fa-0ed05afb98f8%2F7xbxkvp_processed.jpeg&w=3840&q=75)
Transcribed Image Text:#2. Chanze Corporation is a full-service technology company. They provide Machineries,
installation services as well as training. Customers can purchase any product or service separately or
as a bundled package. Chanze Corporation purchased machineries, installation and training for a
total cost of $600,000 on March 15, 2021. Estimated standalone fair values of the equipment,
installation, and training are $200,000, $100,000, and $100,000 respectively.
Instruction:
a) The transaction price allocated to equipment, installation and training is
Machineries
Installation
Training
b) The journal entry to record the sale of the machinery
Date
September 1
Debit
Credit
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education