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What are the journal entries for Blossom on January

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Question - Blossom Company sells goods that cost $320,000 to Ayayai Company for $430,000 on January 2, 2020. The sales price includes an installation fee, which is valued at $36,300. The fair value of the goods is $403,700. The goods were delivered on March 1, 2020. Installation is considered a separate performance obligation and was completed on June 18, 2020. Under the terms of the contract, Ayayai Company pays Blossom $275,000 upon delivery of the goods and the balance at the completion of the installation.

Using the five-step process for revenue recognition, determine when and how much revenue would be recognized by Blossom. Assume IFRS is followed.

What are the journal entries for Blossom on January 2, March 1, and June 18, 2020. Please ensure the entries match the corresponding blanks.

Reference no: EM132825211

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