What is the amount of net gain (loss) on purchase commitment to be reported in 2015 and 2016 Statement ofcomprehensive income, respectively?

Crane Company sells goods on credit that cost $320,000 to Paul Company for $404,500 on January 2, 2025. The sales price includes an installation fee, which has a standalone selling price of $44,000. The standalone selling price of the goods is $360,500. The installation is considered a separate performance obligation and is expected to take 6 months to complete. (a) Your answer is correct. Prepare the journal entries (if any) to record the sale on January 2, 2025. (Credit account titles are automatically indented when 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.) (b) Date Account Titles and Explanation Jan. 2, 2025 Accounts Receivable Sales Revenue Unearned Service Revenue (To record sales on account) Jan. 2, 2025 Cost of Goods Sold Inventory (To record cost of goods sold) eTextbook and Media List of Accounts Your answer is incorrect. Debit 404500…

(Allocate Transaction Price) Shaw Company sells goods that cost $300,000 to Ricard Company for $410,000 on January 2, 2017. The sales price includes an installation fee, which has a standalone selling price of $40,000. The standalone selling price of the goods is $370,000. The installation is considered a separate performance obligation and is expected to take6 months to complete.Instructions(a) Prepare the journal entries (if any) to record the sale on January 2, 2017.(b) Shaw prepares an income statement for the first quarter of 2017, ending on March 31, 2017 (installation was completed on June 18, 2017). How much revenue should Shaw recognize related to its sale to Ricard?

Cass Company enters into a contract with Dearborn Inc. to sell it $50,000 of goods with delivery on May 10, 2017. Cass manufactured the goods at a cost of $33,000. The contract is signed on April 15, 2017, at which time Dearborn pays Cass $25,000. Cass delivers the goods on May 10, 2017, and Cass pays the final $25,000 on that date. Required: 1. On what date does a contract exist between Cass and Dearborn? 2. What are Cass's performance obligations in the contract? 3. What is the transaction price? 4. Does this transaction price need to be allocated? 5. Prepare Cass's journal entries related to the contract with Dearborn.

(Allocate Transaction Price) Geraths Windows manufactures and sells custom storm windows for threeseason porches. Geraths also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Geraths enters into the following contract on July 1, 2017, with a local homeowner. The customer purchases windows for a price of $2,400 and chooses Geraths to do the installation. Geraths charges the same price for the windows irrespective of whether it does the installation or not. Theinstallation service is estimated to have a standalone selling price of $600. The customer pays Geraths $2,000 (which equals the standalone selling price of the windows, which have a cost of $1,100) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2017, Geraths completes installation onOctober 15, 2017, and the customer pays the balance due. Prepare…

On May 1, 2017, Pharoah Company enters into a contract to transfer a product to Eric Company on September 30, 2017. It is agreed that Eric will pay the full price of $24,130 in advance on June 15, 2017. Eric pays on June 15, 2017, and Pharoah delivers the product on September 30, 2017. Prepare the journal entries required for Pharoah in 2017

Crane Company sells goods on credit that cost $320,000 to Paul Company for $404,500 on January 2, 2025. The sales price includes an installation fee, which has a standalone selling price of $44,000. The standalone selling price of the goods is $360,500. The installation is considered a separate performance obligation and is expected to take 6 months to complete. (a) Prepare the journal entries (if any) to record the sale on January 2, 2025. (Credit account titles are automatically indented when 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.) Date Account Titles and Explanation Jan. 2, 2025 Jan. 2, 2025 (To record sales on account) (To record cost of goods sold) Debit Credit

3. Erika Company operates a customer loyalty program. The entity grants loyalty  points for goods purchased. The loyalty points can be used by the customers in exchange for goods of the  entity. The points have no expiry date. During 2020, the entity issued 50,000 award credits and expects that 80% of  these award credits shall be redeemed.   The stand-alone selling price of the award credits granted is reliably measured  at P1,000,000.   In 2020, the entity sold goods to customers for a total consideration of  P7,000,000 based on stand-alone selling price.   The award credits redeemed and the total award credits expected to be  redeemed each year are as follows: Redeemed Expected to be   Redeemed   2020 15,000 80% 2021 7,950 85% 2022 2,550 85% 2023 15,000 90% Required: Prepare journal entries from 2020 to 2023.

3. Erika Company operates a customer loyalty program. The entity grants loyalty  points for goods purchased. The loyalty points can be used by the customers in exchange for goods of the  entity. The points have no expiry date. During 2020, the entity issued 50,000 award credits and expects that 80% of  these award credits shall be redeemed.   The stand-alone selling price of the award credits granted is reliably measured  at P1,000,000.   In 2020, the entity sold goods to customers for a total consideration of  P7,000,000 based on stand-alone selling price.   The award credits redeemed and the total award credits expected to be  redeemed each year are as follows: Redeemed Expected to be   Redeemed   2020 15,000 80% 2021 7,950 85% 2022 2,550 85% 2023 15,000 90% Required: Prepare journal entries from 2020 to 2023.

Cullumber Company sells goods on credit that cost $306,500 to Gary Company for $400,500 on January 2, 2025. The sales price includes an installation fee, which has a standalone selling price of $47,000. The standalone selling price of the goods is $353,500. The installation is considered a separate performance obligation and is expected to take 6 months to complete. (a) Prepare the journal entries (if any) to record the sale on January 2, 2025. (Credit account titles are automatically indented when 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.) Date Jan. 2, 2025 Account Titles and Explanation Debit Credit