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How many performance obligations are in this contract

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Reference no: EM132857301

Question - On March 1, 2021, Gold Examiner receives $166,000 from a local bank and promises to deliver 96 units of certified 1-oz. gold bars on a future date. The contract states that ownership passes to the bank when Gold Examiner delivers the products to Brink's, a third-party carrier. In addition, Gold Examiner has agreed to provide a replacement shipment at no additional cost if the product is lost in transit. The stand-alone price of a gold bar is $1,680 per unit, and Gold Examiner estimates the stand-alone price of the replacement insurance service to be $70 per unit. Brink's picked up the gold bars from Gold Examiner on March 30, and delivery to the bank occurred on April 1.

Required -

1. How many performance obligations are in this contract?

2. Prepare the journal entry Gold Examiner would record on March 1, March 30 and April 1.

Reference no: EM132857301

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