Reference no: EM132549493
Questions -
Q1: On April 1, 2018, JS Co. sold equipment to JL Co. Service in exchange for a zerointerest bearing note with a face value of €109,000, with payment due in 12 months. The cost of goods sold is € 58,000. The fair value of the equipment on the date of sale was €100,000.
A- Record the entry showing how much revenue should JS Co. record on April 1, 2018.
B- Record the entry showing how much revenue should it report related to this transaction on December 31, 2018.
Q2: On July 31, OYZ Company contracted to have two products built by TAB Manufacturing for a total of €270,000. The contract specifies that payment will only occur after both products have been transferred to OYZ Company. TAB determines that the standalone prices are €70,000 for Product 1 and €200,000 for Product 2. On August 1, Product 1 has been transferred. On November 1, Product 2 has been transferred.
A- What is the TAB's journal entry to record the sales occurred on August 1.
B- What is the TAB's journal entry to record the sales occurred on November 1.
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