Answer:
1.) Number of performance obligations in the contract is 2.
2. to 4.)
Date | Particulars | Debit ($) | Credit ($) |
March 01, 2018 | Cash | $166,000 | |
Deferred revenue—gold bars (166000/166000)*157700 | $157700 | ||
Deferred revenue—insurance (166000/166000)*8300 | $8300 | ||
March 30, 2018 | Deferred revenue—gold bars | $157,700 | |
Sales revenue | $157,700 | ||
April 01, 2018 | Deferred revenue—insurance | $8,300 | |
Service revenue | $8,300 | ||
Working Notes:
Value of the gold bars =1577*100= 157700
Standalone selling price of the insurance = 83*100 = 8300
Total of standalone prices = 166000
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