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What amount should be reported as deferered service revenue

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Dunne Company sells equipment service contract that cover a two-year period. The sale price of each contract is P600.

The past experience is that, of the total pesos spent for repairs on service contracts, 40% is incurred evenly during the first contract year and 60% evenly during the second contract year.

The entity sold 1,000 contracts evenly throughout 2020.

Question 1. What is the contract revenue for 2020?

a. 120,000

b. 240,O00

c. 300,000

d. 150,000

Question 2. What amount should be reported as deferered service revenue on December 31, 2020?

a. 540,000

b. 480,000

c. 360,000

d. 300,000

Question 3. What is the contract revenue for 2021?

a. 180,000

b. 360,000

c. 300,000

d. 120,000

Question 4. Whatt is the contract revenue for 2022?

a. 240,000

b. 360,000

c. 180,000

d. 0

Reference no: EM132786924

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