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Prepare the journal entry when Crazy sells a bundle

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Problem - Allocation of Transaction Price - Crazy Computer Store sells a back-to-school bundle that consists of a laptop computer, printer, and tablet to a customer for $2,400. Crazy Computer also sells the products on a stand-alone basis for the following amounts: the laptop for $1,800, the printer for $350, and the tablet for $500. The customer receives a $250 discount for buying the three products as a bundle. Crazy Computer normally sells the laptop and printer as a package for a price of $1,900. The tablet is normally not discounted.

Required -

1. How should the transaction price be allocated among the products?

2. Prepare the journal entry when Crazy sells a back-to-school bundle for cash.

Reference no: EM132890189

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