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How many performance obligations are there

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Question - On October 1, 2020, Damien Furniture Company enters into a contract to deliver 12-seater Narra Dining set, L-Shaped Sofa, and 2 pc. Display cabinets to RC Company for a lump sum price of P220,000. It is stipulated in the contract that payment is made only upon delivery of all the orders, though the items may be delivered by installment. The stand lone selling prices of the goods are: Narra Dining set - P120,000; L-Shaped Sofa - P88,000; Display Cabinets - P16,000 per piece. On Nov. 1, 2020, the L-Shaped Sofa and the display cabinets were delivered but the Dining set was delivered only on Dec. 20, 2020.

1. How many performance obligations are there?

2. Allocate the transaction price to the performance obligations

3. How much revenue is recognized in 2020?

4. Give the entries to record the transactions on:

a. Oct. 1, 2020

b. Nov. 1, 2020

c. Dec. 20, 2020

Reference no: EM132999612

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