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Gigabit Inc., a software company sells new accounting software and user support bundled together. The fair value of the software is $1,500 and the fair value of the user support is $500. The user support is valid for a period of 12 months from the date of software purchase. To be able to compete with a competitor's offering, Gigabit decided to sell the bundle at a discount for $1,800.
Required Problem 1: Calculate the sale price that should be allocated to each component of the bundle using the adjusted market assessment approach.
Problem 2: Calculate the sale price that should be allocated to each component of the bundle using the residual approach. Problem 3: Assuming that the relative fair value method is used and the income tax rate is 30%, calculate the net income applicable to Gigabit's first month of sales.
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