2. Regina Corporation sells commercial dishwashers to Canadian restaurants. Regina Is Corporation also sells contracts to...

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2. Regina Corporation sells commercial dishwashers to Canadian restaurants. Regina Is Corporation also sells contracts to repair and maintain these dishwashers for a 2-year period. In addition to selling and servicing these dishwashers on a stand-alone basis, Regina Corporation bundles the sale and servicing of the dishwasher together, and sells the bundle for an all-inclusive price. Information pertaining to these transactions follows: Selling price for a dishwasher on a stand-alone basis Selling price for a 2-year dishwasher servicing contract Cost of a dishwasher to Regina Corporation Saskatoon Restaurants Inc. (SRI) purchases 5 dishwashers and service agreements from Regina Corporation for an all-inclusive price on May 31, 2021. SRI makes a partial downpayment on May 31, 2021. The remainder of the contract price is due 2 weeks following the delivery of the dishwashers to SRI. All-inclusive price for the 5 dishwashers and service agreements Percentage downpayment made on May 31, 2021 Required: $ 3,687 1. Determine the appropriate allocation of the selling price to the various performance obligations. Round to the nearest dollar. (2 marks) May 31, 2021 (1 mark) June 30, 2021 (3 marks) July 10, 2021 (1 mark) 442 2,028 On June 30, 2021, Regina Corporation delivers the dishwashers to SRI. SRI pays the balance owing for the dishwashers and service agreements in full on July 10, 2021. Regina Corporation follows IFRS 19,615 11% 2. Prepare the journal entries required for this revenue arrangement for Regina Corporation on each of the following dates: 2. Regina Corporation sells commercial dishwashers to Canadian restaurants. Regina Is Corporation also sells contracts to repair and maintain these dishwashers for a 2-year period. In addition to selling and servicing these dishwashers on a stand-alone basis, Regina Corporation bundles the sale and servicing of the dishwasher together, and sells the bundle for an all-inclusive price. Information pertaining to these transactions follows: Selling price for a dishwasher on a stand-alone basis Selling price for a 2-year dishwasher servicing contract Cost of a dishwasher to Regina Corporation Saskatoon Restaurants Inc. (SRI) purchases 5 dishwashers and service agreements from Regina Corporation for an all-inclusive price on May 31, 2021. SRI makes a partial downpayment on May 31, 2021. The remainder of the contract price is due 2 weeks following the delivery of the dishwashers to SRI. All-inclusive price for the 5 dishwashers and service agreements Percentage downpayment made on May 31, 2021 Required: $ 3,687 1. Determine the appropriate allocation of the selling price to the various performance obligations. Round to the nearest dollar. (2 marks) May 31, 2021 (1 mark) June 30, 2021 (3 marks) July 10, 2021 (1 mark) 442 2,028 On June 30, 2021, Regina Corporation delivers the dishwashers to SRI. SRI pays the balance owing for the dishwashers and service agreements in full on July 10, 2021. Regina Corporation follows IFRS 19,615 11% 2. Prepare the journal entries required for this revenue arrangement for Regina Corporation on each of the following dates:

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1 Allocation of Selling Price Dishwasher on StandAlone Basis 3687 ... View the full answer