Reference no: EM133091008
Question - On February 1, 2021, Kenora Industries negotiated the sale of medical masks to the Soo Dry Medical Centre, to be delivered by June 30, 2021. There is a chance that Kenora Industries will be delayed in the delivery of the masks, due to the complexities of the manufacturing process. If Kenora delivers the masks late, Soo Dry is entitled to reduce the price it pays for the masks. The following information was extracted from the contract between Soo Dry and Kenora:
Selling price for the masks $14,590
Amount by which Soo Dry can reduce price it pays for masks if they are received 1 week late (on July 7, 2021): 5%
Amount by which Soo Dry can reduce price it pays for masks if they are received 2 weeks late (on July 14, 2021): 10%
Probability of masks being delivered by June 30, 2021 48%
Probability of masks being delivered by July 7, 2021 40%
Probability of masks being delivered by July 14, 2021 12%
Kenora Industries follows IFRS.
Required - Determine the amount Kenora Industries should use for the transaction price.
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