Reference no: EM131712537
Question 1 - Bill Amends, owner of Splish Estate Inc., buys and sells commercial properties. Recently, he sold land for $3,000,000 to the Blackhawk Group, a developer that plans to build a new shopping mall. In addition to the $3,000,000 sales price, Blackhawk Group agrees to pay Splish Estate Inc. 1% of the retail sales of the mall for 10 years. Blackhawk estimates that retail sales in a typical mall project is $1,060,000 a year. Given the substantial increase in online sales that are occurring in the retail market, Bill had originally indicated that he would prefer a higher price for the land instead of the 1% royalty arrangement and suggested a price of $3,234,000. However, Blackhawk would not agree to those terms.
What is the transaction price for the land and related royalty payment that Splish Estate Inc. should record?
Question 2 - Martinez Company sells goods that cost $288,000 to Ricard Company for $442,000 on January 2, 2017. The sales price includes an installation fee, which has a standalone selling price of $38,000. The standalone selling price of the goods is $404,000. The installation is considered a separate performance obligation and is expected to take 6 months to complete.
(a) Prepare the journal entry (if any) to record the sale on January 2, 2017.
(b) Martinez prepares an income statement for the first quarter of 2017, ending on March 31, 2017 (installation was completed on June 18, 2017). How much revenue should Martinez recognize related to its sale to Ricard?
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: Bill Amends, owner of Splish Estate Inc., buys and sells commercial properties. What is the transaction price for the land and related royalty payment
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