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Determine the unearned service contract revenue

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Reference no: EM132927064

Question - An entity offers service contracts to maintain air conditioning units covering a period of three years. Management estimates that the service costs will be incurred evenly as follows:

Year 1 20%

Year 2 50%

Year 3 30%

Contracts sold in 2019 and 2020 amounted to P3,780,000 and P4,620,000, respectively.

Assuming sales are made at the beginning of the year, determine the following balances as of December 31, 2020:

(1) Unearned service contract revenue - current

(2) Unearned service contract revenue - non-current

Reference no: EM132927064

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