On March 1, 2024, Gold Examiner receives $147,000 from a local bank and promises to deliver 100 units of certified 1-ounce gold bars on a future date. The contract states that ownership passes to the bank when Gold Examiner delivers the products to Brinks, a third-party carrier. In addition, Gold Examiner agreed to provide a replacement shipment at no additional cost if the product is lost in transit. The stand-alone price of a gold bar is $1,440 per unit, and Gold Examiner estimates the stand-alone price of the replacement insurance service to be $60 per unit. Brinks picked up the gold bars from Gold Examiner on March 30, and delivery to the bank occurred on April 1.

Required:

1. How many performance obligations are in this contract?
2. How does this sale impact the financial statements on March 1?
3. How does this sale impact the financial statements on March 30?
4. How does this sale impact the financial statements on April 1?

How does this sale impact the financial statements on March 1? Note: Amounts to be deducted should be indicated by a minus sign.

	Balance Sheet Income Statement Assets Liabilities Stockholders' Equity Revenues Expenses Net Income Common Stock Retained Earnings Cash $147,000 Deferred Revenue $141,120 Sales Revenue

How does this sale impact the financial statements on March 30? Note: Amounts to be deducted should be indicated by a minus sign.

	Balance Sheet Income Statement Assets Liabilities Stockholders' Equity Revenues Expenses Net Income Common Stock Retained Earnings

• How does this sale impact the financial statements on March 30? Note: Amounts to be deducted should be indicated by a minus sign.

	Balance Sheet Income Statement Assets Liabilities Stockholders' Equity Revenues Expenses Net Income Common Stock Retained Earnings

• How does this sale impact the financial statements on March 30? Note: Amounts to be deducted should be indicated by a minus sign.

	Balance Sheet Income Statement Assets Liabilities Stockholders' Equity Revenues Expenses Net Income Common Stock Retained Earnings

• Complete this question by entering your answers in the tabs below.
• Required 1
• Required 2
• Required 3
• Required 4

How does this sale impact the financial statements on March 30? Note: Amounts to be deducted should be indicated by a minus sign.

	Balance Sheet Income Statement Assets Liabilities Stockholders' Equity Revenues Expenses Net Income Common Stock Retained Earnings

Complete this question by entering your answers in the tabs below.

• Required 1
• Required 2
• Required 3
• Required 4

How does this sale impact the financial statements on April 1? Note: Amounts to be deducted should be indicated by a minus sign.

	Balance Sheet Income Statement Assets Liabilities Stockholders' Equity Revenues Expenses Net Income Common Stock Retained Earnings