Reference no: EM132517397
Question - The ABC Store is an experienced home appliance dealer. ABC Store also offers a number of services together with the home appliances that it sells. Assume that ABC Store sells washing machines on a standalone basis. Appliance Store also sells installation services and maintenance services for washing machines. However, ABC Store does not offer installation or maintenance services to customers who buy washing machines from other vendors. Pricing for washing machines is as follows. Washing machine only €1,140 Washing machine installation service €1,260 Washing machine with maintenance services €1,380 Washing machine with installation and maintenance services €1,450 In each instance in which maintenance services are provided, the maintenance service is separately priced within the arrangement at €240. Additionally, the incremental amount charged by ABC Store for installation approximates the amount charged by independent third parties. Washing machines are sold subject to a general right of return. If a customer purchases a washing machine with installation and/or maintenance services, in the event ABC Store does not complete the service satisfactorily, the customer is only entitled to a refund of the portion of the fee that exceeds €1,140.
Instructions -
(a) Assume that a customer purchases a washing machine with both installation and maintenance services for €1,450. Based on its experience, ABC Store believes that it is probable that the installation of the equipment will be performed satisfactorily to the 4 customer. Assume that the maintenance services are priced separately. Identify the separate performance obligations related to the Appliance Store revenue arrangement.
(b) Indicate the amount of revenue that should be allocated to the washing machine the installation, and to the maintenance contract.
(c) Prepare the necessary journal entry for the ABC Store.
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