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Question - Intention Incorporated manufactures and installs custom geared turbofans; a new technology used to increase the fuel economy of modern jet airliners. On February 1, 2013 The-Answer Airlines paid Intention Inc $15,000,000 cash to cover the custom manufacturing, delivery and installation costs for 10 sets of geared turbofans for the companies 10 jetliners. Intention Inc plans to complete The-Answer Airlines order by mid-July of 2013.
Cash $15,000,000
Unearned Revenue $15,000,000
On May 31, 2013 Intention Incorporated delivered and installed 5 of the 10 sets of geared turbofans purchased by The-Answer Airlines back in February. The manufacturing cost incurred (i.e. value of the inventory) by Intention Incorporated for the fans installed totaled to $1,125,000($225,000 x 5 sets installed). Prepare the appropriate adjusting journal entry(s) that Intention Incorporated would make on May 31, 2013 to account for the delivery and installation of the 5 sets of geared turbofans.
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