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Question - iDevice Sellers sells iDevice (a smartphone) combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot spot, and a service plan. It offers a single bundle with the following terms:
iDevice bundle sells an iDevice with 2-years of Internet service and a service plan for the iDevice (for any repairs or upgrades to the tablet or the internet service) during the 2-year contract period. The product bundle sells for $700. The standalone selling price of the iDevice is $380 (the cost to iDevice Sellers $240). iDevice Sellers sells the Internet service independently for an upfront payment of $270. Additionally, the stand-alone price of the service plan is $160. On March 1, 2020, iDevice Sellers signed 100 contracts, receiving a total of $70,000 in cash.
Prepare any journal entries to record the revenue arrangement for the iDevice bundle on March 1, 2020.
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.
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