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Journal entries are needed based off the information

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Question - Dealer X planned to sign a $1 million sales contract with VV in February 2022 (the gross margin is projected as 40% based on the current product information). Recently, dealer X discussed an alternative that they can sign the contract before December 31, 2021. The condition is that VV can offer a 20% discount on the sales price. VV can choose to provide the discount in December 2021, or reject this contract, and wait for the deal in February 2022. The company has enough inventories to ship to the dealer if they signed the contract in December 2021. The dilemma for the decision is the balance of the unfair contract discount and early revenue recognition.

Please recognize the following detailed transaction and complete the journal entries. Need the necessary argument if the journal entries have several options.

Journal entries are needed based off the information.

Reference no: EM133066432

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