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Show the journal entry to record the original sale

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Question - Norford Truck Company sells tractors to area farmers. The price of each tractor includes GPS service for 24 months. Norford sold a 60 HP Tractor to Farmer Brown for $45,000 on January 2, 2020. The package included a 24-month GPS package. The stand-alone price for the tractor is $49,500 and cost of two years GPS service would be $5,500.

a. Identify the separate performance obligations.

b. Show the journal entry to record the original sale.

c. Show the journal entry that would be required on December 31, 2020.

Reference no: EM132574617

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