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Question - Mobile First Ltd is a telecommunications provider. The company entered into a contract on 1 October 2020, under which the customer receives an old handset free-of-charge (stand-alone selling price is $250) bundled with a 400-minute talk time plan at $40 per month. The customer will pay the monthly subscription of $40 at the end of each month. The contract lasts for 24 months.
Required -
(a) Identify the respective performance obligations in this contract.
(b) How much revenue should be recognised in the 3 months ended December 2020. Show all your workings clearly in a table and round off answers to the nearest cent, where applicable.
(c) Based on your answers in (b) above, prepare the necessary journal entries. Show all your workings clearly.
(a) If Burr refinances the obligation by issuing a long-term note on February 14 and using the proceeds to pay off the note due February 15, how much of the $500,000 should be reported as a current liability at December 31, 2014?
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