Reference no: EM132734237
Question - Mirror Company manufactures and sells different design windows for big buildings. The company also provides installation service for the windows. The installation process is considered separate since customers can seek other contractors to do it.
On 01/07/2015, Mirror signeda contract with Al Abraj Real Estate for OMR 140,000 to supply and install windows for their new apartment building. The terms of the contract also state that Mirror can receive complementary bonus depending on the delivery date of the windows. Specifically, Al Abraj will pay Mirror OMR 10,000, OMR 5,000, or OMR 1,000 if delivery is made within 1 month, two months or three months respectively from the signing date of the contract. Mirror determines the probability of delivery as follows: 85% within one month, 10% within two months and 5% within three months from the contract signing date.
The fair value prices for the windows and installation were OMR 148,500 and OMR 16,500 respectively. The windows costed Mirror OMR 100,000. The windows were delivered on 01/08/2015 and installation was completed on 01/09/2015. Al Maha paid the contract price on the date of windows delivery. Mirror uses the Probability Weighted Method to determine transaction price. Required For Mirror:
Required -
a. Prepare the necessary journal entry(ies), if any, on 01/07/2015.
b. Prepare the necessary journal entry(ies), if any, on 01/08/2015.
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