2. (17 points) Peaky Tours Service provides guided multi-day hiking tours throughout the Rocky Mountains. Conglo Tours hires Peaky to lead various tours that Conglo sells. Peaky receives $1,000 per tour day, and shortly after the end of each month Peaky learns whether it will receive a $100 bonus per tour day it guided during the previous month if its service during that month received an average evaluation of "excellent" by Conglo customers. The $1.000 per day and any bonus due are paid in one lump payment shortly after the end of each month. Peaky estimates variable consideration on the most likely amount it expects to receive and records it on the 16th of each month. Record Peaky's entries for the following situations: a. Peaky guided a total of 25 tour days for Conglo from July 1-July 31. They have not recorded journal entries for these yet. Debit Account Credit Account Debit Amount Credit Amount b. On July 16, based on Peaky's view that it had provided excellent service during the first part of the month, Peaky estimated to an 80% chance it would earn the bonus for all July tours. By the 16, they had booked all 25 tours for the month of July Debit Account Credit Account Debit Amount Credit Amount c. On August 5, Peaky learned it did not receive an average evaluation of excellent for its July tours, so it would not receive any bonus for July, and received all payment due for the July tours. Debit Account Credit Account Debit Amount Credit Amount d. Assume, alternatively, that Peaky bases its variable consideration of the expected amount. On July 16, based on Peaky's view that it had provided excellent service during the first part of the month, Peaky estimated to a 70% chance it would earn the bonus for all July tours. By the 16th, they had booked all 25 tours for the month of July. What's the transaction price as determined on the 16th? Transaction Price 2. (17 points) Peaky Tours Service provides guided multi-day hiking tours throughout the Rocky Mountains. Conglo Tours hires Peaky to lead various tours that Conglo sells. Peaky receives $1,000 per tour day, and shortly after the end of each month Peaky learns whether it will receive a $100 bonus per tour day it guided during the previous month if its service during that month received an average evaluation of "excellent" by Conglo customers. The $1.000 per day and any bonus due are paid in one lump payment shortly after the end of each month. Peaky estimates variable consideration on the most likely amount it expects to receive and records it on the 16th of each month. Record Peaky's entries for the following situations: a. Peaky guided a total of 25 tour days for Conglo from July 1-July 31. They have not recorded journal entries for these yet. Debit Account Credit Account Debit Amount Credit Amount b. On July 16, based on Peaky's view that it had provided excellent service during the first part of the month, Peaky estimated to an 80% chance it would earn the bonus for all July tours. By the 16, they had booked all 25 tours for the month of July Debit Account Credit Account Debit Amount Credit Amount c. On August 5, Peaky learned it did not receive an average evaluation of excellent for its July tours, so it would not receive any bonus for July, and received all payment due for the July tours. Debit Account Credit Account Debit Amount Credit Amount d. Assume, alternatively, that Peaky bases its variable consideration of the expected amount. On July 16, based on Peaky's view that it had provided excellent service during the first part of the month, Peaky estimated to a 70% chance it would earn the bonus for all July tours. By the 16th, they had booked all 25 tours for the month of July. What's the transaction price as determined on the 16th? Transaction Price