Kingbird Company sells on credits goods that cost $295,500 to Ricard Company for $418,000 on...
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Kingbird Company sells on credits goods that cost $295,500 to Ricard Company for $418,000 on January 2, 2020. The sales price includes an installation fee, which has a standalone selling price of $40,500. The standalone selling price of the goods is $377,500. The installation is considered a separate performance obligation and is expected to take 6 months to complete. (a) Prepare the journal entries (if any) to record the sale on January 2, 2020.
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