Marlin Pools and Spas sold 80 hot tubs at $4,500 each. The cost of the hot tubs
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Marlin Pools and Spas sold 80 hot tubs at $4,500 each. The cost of the hot tubs to Marlin is $2,600. The terms of the sale include a right to return for full refund within 30 days of purchase. Marlin expects that 3 of the hot tubs will be returned. Marlin follows IFRS 15.
a) Record the journal entries related to the above transactions. Assume 1 hot tub is returned within the 30 days.
b) Now assume Marlin uses ASPE, prepare the journal entries for the above transactions.
Related Book For
Fundamentals of corporate finance
ISBN: 978-0470876442
2nd Edition
Authors: Robert Parrino, David S. Kidwell, Thomas W. Bates
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