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Question - Rocky Ltd provides a bundled service offering to Customer A. Rocky charges Customer A $70 000 for initial connection to its network and two ongoing services - access to the network for two years and 'on-call troubleshooting' advice for two years (ending 30 June 2023).
Customer A pays the $70 000 upfront, on 1 July 2021. Rocky determines that, if it were to charge a separate fee for each service if sold separately, the fee would be:
Connection fee $10 000 Access fee $12 000 per year Advice $23 000 per year
Required - Prepare all journal entries in relation to the above transaction for the year ended 30 June 2022 in accordance with AASB 15 Revenue from Contracts with Customers.
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