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Display required journal entries for year including year-end

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Question 1: Master Grill, a December 31 year-end company, offers a contract, which is compromised of a free standing grill for small patio use plus installation to a customer's gas line and maintenance for one year for a total price of $950. On a standalone basis, the grill sells for $800 and Master Grill estimates that the fair value of the installation service and maintenance (based on cost plus margin) is $200 and $100, respectively. Master Grill signed 15 of these contracts on May 15, 2018 and customers paid the contract price in cash. The grills were delivered and installed on June 30, 2018. Please display required journal entries for the 2018 year, including year-end, if necessary.

Reference no: EM132873181

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