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Please help me with explanation
![On January 1, GEN enters into a contract with LORD for the sale of a high-end security scanner for
P630,000. The contract includes a put option the obliges GEN to repurchase the scanner machine from
LORD for P567,000 on or before December 31. The market value is expected to be P495,000 on
December 31, LORD pays GEN P630,000 on January 1. The transaction should be accounted for as a:
A. Sale
B. Lease
C. No sale/lease
D. Cannot be determined](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1b4fb86f-bc77-4efa-b704-1de32223fdc9%2Ffc18b9c5-69f6-4376-8974-5258c16a9bb3%2Fio58f7_processed.jpeg&w=3840&q=75)
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- ***WITH EXPLANATION On January 1, GEN enters into a contract with LORD for the sale of a high-end security scanner for P630,000. The contract includes a put option the obliges GEN to repurchase the scanner machine from LORD for P567,000 on or before December 31. The market value is expected to be P495,000 on December 31. LORD pays GEN P630,000 on January 1. The transaction should be accounted for as a: A. Sale B. Lease C. No sale/lease D. Cannot be determinedZoro Company enters into a contract to sell Product A and Product B on July 1, 2020 for an upfront cash payment of P250,000. Product A will be delivered at the end of the year, and Product B will be delivered the following year. Zoro Company sells Product A for P80,000 and Product B for P240,000. 1. How many performance obligations are there in the contract? 2.what is the transaction price? 3.how much is revenue to be recognized in 2020? 4. how much is revenue to be recognized in 2021?On October 1, 2024, Wildhorse Corporation ordered some equipment from a supplier for 322,000 euros. Delivery and payment are to occur on November 15, 2024. The spot rates on October 1 and November 15, 2024, are $1.20 and $1.30, respectively. (a) - Your answer is partially correct. Assume that Wildhorse entered into a forward contract on October 1, 2024, to hedge the firm commitment. The forward rates for euros for November 15 delivery were October 1 November 15 $1.23 $1.30 Furthermore, assume the equipment was purchased and paid for on November 15. Prepare all journal entries needed to record and settle the hedge and to record the purchase of the equipment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)
- Bruno Mars Company enters into a contract with John Legend to deliver Products X and Y in exchange for a non- interest bearing note with a face value of P192,685.38, on January 1, 2020. Product X will be delivered in December 31, 2021 and Product Y in December 31, 2024. Upon delivery of product X, Bruno Mars will receive P42,135 and the remaining P150,550.38 will be received upon delivery of Product Y. The contract is non-cancellable. Bruno normally sells Product X at P43,750 cash price equivalent while Product Y can be sold at P131,250. Nonetheless, due to the nature of the bundled purchase, John Legend is given a favorable pricing. A financing rate of 6% is appropriate based on Bruno’s credit-standing at contract inception. Bruno uses December 31 as its year end. How much total revenue can Bruno report in its December 31, 2021 income statement? How much total revenue can Bruno report in its December 31, 2024 income statement?On January 1, 2018, an entity enters into a contract to transfer Products C and D to a customer in exchange for P1,000. The contract requires Product C to be delivered first and states that payment for the delivery of Product C is conditional on the delivery of Product D. The stand-alone selling prices of Product C and D are P480 and P720, respectively. Product C is delivered on January 3, 2018 while Product D is delivered on March 31, 2018. The customer pays on April 8, 2018. How much is the balance of contract liability on January 3, 2018?On May 1, 2021, Meta Computer, Inc., enters into a contract to sell 6.100 units of Comfort Office Keyboard to one of its clients, Bionics Inc., at a fixed price of $103,700, to be settled by a cash payment on May 1. Delivery is scheduled for June 1, 2021. As part of the contract, the seller offers a 25% discount coupon to Bionics for any purchases in the next six months. The seller will continue to offer a 5% discount on all sales during the same time period, which will be available to all customers. Based on experience, Meta Computer estimates a 50% probability that Bionics will redeem the 25% discount voucher, and that the coupon will be applied to $61,000 of purchases. The stand-alone selling price for the Comfort Office Keyboard is $19.00 per unit. Required: 1. How many performance obligations are in this contract? 2. Prepare the journal entry that Meta would record on May 1, 2021 3. Assume the same facts and circumstances as above, except that Meta gives a 5% discount option to…
- Please provide detailed solution to get the answer. Present it please in excel with explanations for me to further understand. Thank you so much! PROBLEM 1: On January 1, GEN enters into a contract with LORD for the sale of a high-end security scanner for 630,000. The contract includes a put option the obliges GEN to repurchase the scanner machine from LORD for 567,000 on or before December 31. The market value is expected to be 495,000 on December 31. LORD pays GEN 630,000 on January 1. The transaction should be accounted for as a: A. Sale B. Lease C. No sale/lease D. Cannot be determinedOn January 1, 2021, Chua Company purchased a piece of equipment with a list price of P6,000,000. The contract stipulates that Chua pays a down payment of P2,000,000 with the balance due in ten equal semi-annual installments of P518,018 on June 30 and December 31. At the time of purchase, the prevailing interest rate on such contracts was 10%. How much would be debited as equipment? a. P4,000,000 b. P5.180.000 c. P6,000,000 d. P6,180, 183On May 1, 2024, Meta Computer, Incorporated, enters into a contract to sell 6,000 units of Comfort Office Keyboard to one of its clients, Bionics, Incorporated, at a fixed price of $106,800, to be settled by a cash payment on May 1. Delivery is scheduled for June 1, 2024. As part of the contract, the seller offers a 25% discount coupon to Bionics for any purchases in the next six months. The seller will continue to offer a 5% discount on all sales during the same time period, which will be available to all customers. Based on experience, Meta Computer estimates a 50% probability that Bionics will redeem the 25% discount voucher and that the coupon will be applied to $12,000 of purchases. The stand-alone selling price for the Comfort Office Keyboard is $19.80 per unit. Required: 1. How many performance obligations are in this contract? 2. Prepare the journal entry that Meta would record on May 1, 2024. 3. Assume the same facts and circumstances as above, except that Meta gives a 5%…
- Please walk me through this.On 1 October 2020, ABC Limited sold three machines to a customer for a total amount of R 1 900 000. The three machines were delivered to the premises of the customer on the same day. Included in the sales contract are 1-year warranties for all three of the machines. A warranty for each of these machines may cost R 20 000 to obtain. The customer received a trade discount of 10 % for both tractors. ABC Limited awards a settlement discount of 6% to any customer who settles their account in full within 30 days of making a purchase. This particular customer often buys machinery from ABC Limited and based on past dealings with the customer ABC Limited expects that the customer will settle their account within 30 days. The customer settled their account in full on 3 November 2020. How many performance obligations are contained in the contract? 01 2 3 06Manufacturer M, a large equipment manufacturer, enters into a contract to sell Product A to Customer C for an upfront cash payment of € 300,000. Upon signing the contract, Manufacturer M expects to deliver Product A to Customer C in two years’ time. The performance obligation will be satisfied at a point in time. Manufacturer M’s borrowing rate is 10% (the rate that would be used in a separate financing transaction). Manufacturer M concludes that the contract contains a significant financing component.What are the journal entries to record?
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