Question: Quick Construction enters into a contract with a customer to build a warehouse for $950,000 on March 30, 2018 with a performance bonus of $50,000

 Quick Construction enters into a contract with a customer to build

Quick Construction enters into a contract with a customer to build a warehouse for $950,000 on March 30, 2018 with a performance bonus of $50,000 if the building is completed by July 31, 2018. The bonus is reduced by $10,000 each week that completion is delayed. Quick commonly includes these completion bonuses in its contracts and, based on prior experience, estimates the following completion outcomes: 6. Probability Completed by July 31, 2018 August 7, 2018 August 14, 2018 August 21, 2018 65% 25% 5% 5% What was the transaction price for this transaction? . Richard&Daley is a full-service technology company. They provide equipment, installation services as well as training Customers can purchase any product or service separately or as a bundled package. Emanuel Corporation purchased computer equipment, installation and training for a total cost of $144,000 on March 15, 2018. Estimated standalone fair values of the equipment, installation, and training are $90,000, $60,000, and $30,000 respectively. Calculate the transaction price allocated to equipment, installation and training

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!