Maipao Corporation sells computer software to Mr. Bong. Mr. Bong shall pay P750,000 upfront fee inexchange for the following performance obligations: (1) equipment (2) initial training and (3) five yearsright over the computer software. The stand-alone selling price of the equipment is P380,000. Thestand-alone selling price of the initial training is P280,000. The entity estimates the stand-alone sellingprice of the 5 year right over the computer software using the residual approach.On February 1, 20x1, Maipao receive the P150,000 cash and the balance payable in 3 annual paymentsbeginning January 30, 20x2. Mr bong signs a 10% interest bearing for the balance. On august 1, Maipaohas already transferred the equipment and conducted the initial training and the software license willcommence on the same date. The entity determines that the performance obligations in the contractare distinct.Requirements:1) Assume Mr. Bong has the right to use the intellectual property. The journal entry on February 1,20x1 will include:2) Assume Mr. Bong has the right to use the intellectual property. The total revenue from licensecontract of Maipao Corporation on August 1, 20x1 is:3) Assume Mr. Bong has the right to access the intellectual property. The total revenue of MaipaoCorporation on December 31, 20x1 is:

ANSWER(3) Total revenue of Maipao Corporation for the year ended 31st December,20X1 will be:-…

Answered: exchange for the following perfor ight…

exchange for the following perfor ight over the computer software tand-alone selling price of the in price of the 5 year right over the e

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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