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On March 1, 2021, Gold Examiner receives $169,000 from a local bank and promises to deliver 95 units of certified 1-oz.
Posted: Sun Jun 05, 2022 8:17 pm
by answerhappygod
- On March 1 2021 Gold Examiner Receives 169 000 From A Local Bank And Promises To Deliver 95 Units Of Certified 1 Oz 1 (26.72 KiB) Viewed 43 times
On March 1, 2021, Gold Examiner receives $169,000 from a local bank and promises to deliver 95 units of certified 1-oz. gold future date. The contract states that ownership passes to the bank when Gold Examiner delivers the products to Brink's, a thi carrier. In addition, Gold Examiner has agreed to provide a replacement shipment at no additional cost if the product is lost in The stand-alone price of a gold bar is $1,710 per unit, and Gold Examiner estimates the stand-alone price of the replacement a service to be $90 per unit. Brink's picked up the gold bars from Gold Examiner on March 30, and delivery to the bank occurre April 1. Required: 1. How many performance obligations are in this contract? 2 to 4. Prepare the journal entry Gold Examiner would record on March 1, March 30 and April 1.