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Question - Panarin Company entered into two contracts on the same date with Hjalmarsson Corporation. Panarin has provided the following analysis of price and cost for the contracts:
Contract A
Contract B
Contract price
$125,000
$80,000
Cost of related goods
70,000
55,000
Gross profit (loss)
$55,000
$25,000
Hjalmarsson, the customer, may cancel both contracts if either of them is not fulfilled by Panarin in a timely manner. Stand-alone prices are typically $120,000 for the goods in Contract A and $80,000 for the goods in Contract B.
Required -
-Should the two contracts be combined for purposes of applying the five-step revenue recognition model?
-What amount of revenue should Panarin associate with each of the contracts?
-When should revenue be recognized on each of the contracts?
Journalize the transactions. Do not provide explanations. Post the transactions to T-accounts. Prepare a trial balance at October 31, 2017.
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