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Question - XXIV - Contract Modification - In September 20x5, Giordano Corp. commits to selling 150 of its iPhone compatible docking stations to Bench Co. for P30,000(P200 per product). The stations are delivered to Bench over the next 6 months. After 90 stations are delivered, the contract is modified and Giordano promises to deliver 45 more products for an additional P8,550 (P190 per stations). All sales are cash on delivery.
Required -
1. Prepare the journal entry of Giordano for the sale of the first 90 stations. The cost of each station is P108.
2. Prepare the journal entry for the sale of 10 more stations after the contract of the modification, assuming that the price for the additional reflects the standalone selling price at the time of the contract modification. In addition, the additional stations are distinct from the original products as Giordano regularly sells all the products separately.
3. Prepare the journal entry for the sale of the 10 more stations (as in no.2), assuming that the pricing for the additional products does not reflect the standalone selling price of the additional products and the prospective method is used.
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