Sarjit Systems sold software to a customer for $90,000. As part of the contract, Sarjit promises to
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Sarjit Systems sold software to a customer for $90,000. As part of the contract, Sarjit promises to provide “free” technical support over the following six months. Sarjit sells the same software without technical support for $80,000 and a stand-alone six-month technical support contract for $20,000, so these products would sell for $100,000 if sold separately. Prepare Sarjit’s journal entry to record the sale of the software (ignore any potential entry to revenue or cost of sales).
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Based on relative standalone selling prices the software comprises 80 of the total fair values 8000...View the full answer
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Related Book For
Intermediate accounting
ISBN: 978-0077647094
7th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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