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Prepare a journal entry to record the sale of one model

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Question - Roxy Equipment Inc. sells heavy-duty forklift trucks. Model 1 has a stand-alone price of $100,000. Roxy offers to sell the Model 1 inclusive of a three-year service contract for $150,000.

Prepare a journal entry to record the sale of one Model 1 forklift truck plus service contract for $140,000 assuming:

1. A comparable service contract is sold separately for $0,000. Roxy uses the relative stand-alone value method for multiple deliverables.

2. The service contract has a variable stand-alone value ranging from $30,000 to $60,000 and Roxy uses the residual value method.

Reference no: EM133033282

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