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Prepare journal entry gold examiner would record on march

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Reference no: EM132479285

Point 1: On March 1, 2018, Gold Examiner receives $147,000 from a local bank and promises to deliver 100 units of certified 1-oz gold bars on a future date. The contract states that ownership passes to the bank when the Gold Examiner delivers the products to Brink's, a third-party carrier. In addition, Gold Examiner has agreed to provide a replacement shipment at no additional cost if the product is lost in transit.

Point 2: The stand-alone price of a gold bar is $1,440 per unit, and Gold Examiner estimates the stand-alone price of the replacement insurance service to be $60 per unit. Brink's picked up the gold bars from Gold Examiner on March 30, and delivery to the bank occurred on April 1.

Question 1: How many performance obligations are in this contract?

Question 2: Prepare the journal entry Gold Examiner would record on March 1.

Question 3: Prepare the journal entry Gold Examiner would record on March 30.

Question 4: Prepare the journal entry Gold Examiner would record on April 1.

Reference no: EM132479285

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