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Save Chapter 6 Exercises Help 4 Exercise 6-8 (Algo) Performance obligations; customer option for additional goods or services (L06-4, 6- 5) 5 points Sed On May 1, 2021. Meta Computer, Inc., enters into a contract to sell 4,500 units of Comfort Office Keyboard to one of its clients, Blonies. Inc. at a fixed price of $75,600, to be settled by a cash payment on May 1. Delivery is scheduled for June 1, 2021. As part of the contract, the seller offers a 25% discount coupon to Bionics for any purchases in the next six months. The seller will continue to offer a 5% discount on all sales during the same time period, which will be available to all customers. Based on experience, Meta Computer estimates a 50% probability that Blonies will redeem the 25% discount voucher, and that the coupon will be applied to $54,000 of purchases. The stand-alone selling price for the Comfort Office Keyboard is $18.80 per unit Required: 1. How many performance obligations are in this contract? 2. Prepare the journal entry that Meta would record on May 1, 2021. 3. Assume the same focts and circumstances as above, except that Meta gives a 5% discount option to Bionics instead of 25%. In this case, what journal entry would Meta record on May 1, 2021? ook Print Meference Complete this question by entering your answers in the tabs below. Required: Required 2 Required 3 How many performance obligations are in this contract? Norror of performance obligation Required 2 > Chapter 6 Exercises Bayed Help Save 5 Exercise 6-12 (Algo) Time value of money for accounts receivable (LO6-6) 5 points SHOD Boor Arctic Cat sold Seneca Motor Sports a shipment of snowmobiles. The snowmobiles were delivered on January 1, 2021, and Arctic received a note from Seneca indicating that Seneca will pay Arctic $30,700 on a future date. Unless informed otherwise, assume that Arctic views the time value of money component of this arrangement to be significant and that the relevant interest rate is 11%, (FV of $1. PV of $1. EVA of S1. PVA of $1. EVAD of Stand PVAD of $1 (Use appropriate factor(s) from the tables provided.) Required: 1. Assume the note indicates that Seneca is to pay Arctic the $30,700 due on the note on December 31, 2021. Prepare the journal entry for Arctic to record the sale on January 1, 2021 2. Assume the same facts as in requirement and prepare the journal entry for Arctic to record collection of the payment on December 31, 2021 3. Assume instead that Seneca is to pay Arctic the $30,700 due on the note on December 31, 2022. Prepare the Journal entry for Arctic to record the sale on January 1, 2021 4. Assume Instead that Arctic does not view the time value of money component of this arrangement to be significant, and that the note indicates that Seneca is to pay Arctic the $30,700 due on the note on December 31, 2021. Prepare the journal entry for Arctic to record the sale on January 1, 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to the nearest whole dollar amount.) Print References View transaction ist Journal entry worksheet 1 2 Assume the note indicates that Seneca is to pay Arctic the $30,700 due on the note on December 31, 2021. Record the sale on January 1, 2021. 5 - MOSCOU WIOLAILLES HIVE VIEW Ure une vay Istany DHUHALIE note indicates that Seneca is to pay Arctic the $30,700 due on the note on December 31, 2021. Prepare the Journal entry for Arctic to record the sale on January 1, 2021. (if no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to the nearest whole dollar amount.) 5 points id View transaction lit Journal entry worksheet 2 eBook 1 Priet Assume the note indicates that Seneca is to pay Arctic the $30,700 due on the note on December 31, 2021. Record the sale on January 1, 2021 References Note: Enter debits before credits General Journal Dobit Credit Date January 01, 2021 Record entry Clear entry View general Journal