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Determine the transaction price of the arrangement for pina

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Reference no: EM132480602

"Pina's Agency sells an insurance policy offered by Capital Insurance Company for a commission of $118 on January 2, 2020. In addition, Pina will receive an additional commission of $10 each year for as long as the policyholder does not cancel the policy. After selling the policy, Pina does not have any remaining performance obligations. Based on Pina's significant experience with these types of policies, it estimates that policyholders on average renew the policy for 4.5 years. It has no evidence to suggest that previous policyholder behavior will change."

Questions:

Question 1: Determine the transaction price of the arrangement for Pina, assuming 110 policies are sold?

Question 2: Determine the revenue that Pina will recognize in 2020?

Reference no: EM132480602

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