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Chapter 5 Discount coupon included in contract (2 pts.) 6 Saved On May 1, 2018, Meta Computer, Inc., enters into a contract to sell 6,000 units of Comfort Office Keyboard to one of its clients, Bionics Inc., at a fixed price of $102,000, to be settled by a cash payment on May 1. Delivery is scheduled for June 1, 2018. 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 Blonics will redeem the 25% discount voucher, and that the coupon will be applied t SSDGOO of purchases. The stand-alone selling price for the Comfort Office Keyboard is $19.00 per unlt. points Required: 1. How many performance obligations are in this contract? 2.&3. Prepare the journal entry that Meta would record on May 1, 2018. Assume the same facts and circumstances as above, except that Meta gives a 5% discount option to Bionics instead of 25%. Skipped Complete this question by entering your answers in the tabs below Req1 Req 2 and 3 How many performance obligations are in this contract? Number of Req 1 Req 2 and 3> Reference links Special Topics in Revenue Recognition Chapter 5 Discount coupon included in contract (2 pts.) 6 Saved On May 1, 2018, Meta Computer, Inc., enters into a contract to sell 6,000 units of Comfort Office Keyboard to one of its clients, Bionics Inc., at a fixed price of $102,000, to be settled by a cash payment on May 1. Delivery is scheduled for June 1, 2018. 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 Blonics will redeem the 25% discount voucher, and that the coupon will be applied t SSDGOO of purchases. The stand-alone selling price for the Comfort Office Keyboard is $19.00 per unlt. points Required: 1. How many performance obligations are in this contract? 2.&3. Prepare the journal entry that Meta would record on May 1, 2018. Assume the same facts and circumstances as above, except that Meta gives a 5% discount option to Bionics instead of 25%. Skipped Complete this question by entering your answers in the tabs below Req1 Req 2 and 3 How many performance obligations are in this contract? Number of Req 1 Req 2 and 3> Reference links Special Topics in Revenue Recognition