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Prepare the journal entries for wildhorse on january

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Wildhorse Company sells goods that cost $350,000 to Swifty Company for $415,000 on January 2, 2020. The sales price includes an installation fee, which is valued at $35,700. The fair value of the goods is $389,300. 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, Swifty Company pays Wildhorse $268,000 upon delivery of the goods and the balance at the completion of the installation.

Question 1: Using the five-step process for revenue recognition, determine when and how much revenue would be recognized by Wildhorse.

Question 2: Prepare the journal entries for Wildhorse on January 2, March 1, and June 18, 2020. (Credit account titles are automatically indented when the amount is entered.)

Reference no: EM132689535

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