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Identify the accounting issues

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Question - Meridian sells three dryers to a local farmer at a total contract price of $45,200. In addition to the dryers, Meridian provides installation, which has a stand-alone sales value of $1,000 per unit installed. The payment also includes a $1,200 maintenance plan for the dryers for three years after installation. Meridian signs the contract on June 20, 2020, and receives a 20% down payment from the farmer. The dryers are delivered and installed on October 1, 2020, and full payment is made to Meridian.

Meridian's manager is pleased the $45,200 will give a boost to this year's net income because it will result in reaching the target for his bonus. 

Identify the accounting issues, analyze each issue using the standards and applying the case facts, make a recommendation and discuss the impact. The company uses IFRS and has a June 30th year end.

Reference no: EM132947799

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