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Safety Ltd provides a bundled security service to Cautious Ltd. It charges Cautious Ltd $160,000 for initial alarm installation and two ongoing services - access to remote alarm monitoring for 2 years and an on-site evening guard dog for 2 years.
Cautious Ltd pays the $160,000 upfront, on 1 July 2021. Safety Ltd determines that, if it were to charge a separate fee for each service if sold separately, the fee would be:
Alarms including installation $ 95,000
Remote monitoring 35,000
On-site guard dog 55,000
The end of Safety Ltd's reporting period is 30 June.
Required
Question 1: Make all necessary journal entries for the year ended 30 June 2022 for Safety Ltd. Show all workings and ignore present values.
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