On March Gold Examiner receives $ from a local bank and promises to deliver units of certified ounce gold bars
on a future date. The contract states that ownership passes to the bank when Gold Examiner delivers the products to Brink's, a third
oarty carrier. In addition, Gold Examiner has agreed to provide a replacement shipment at no additional cost if the product is lost in
ransit. The standalone price of a gold bar is $ per unit, and Gold Examiner estimates the standalone price of the replacement
insurance service to be $ per unit. Brink's picked up the gold bars from Gold Examiner on March and delivery to the bank
occurred on April
Required:
How many performance obligations are in this contract?
to Prepare the journal entry Gold Examiner would record on March March and April
Complete this question by entering your answers in the tabs below.
Prepare the journal entry Gold Examiner would record on March March and April
Note: Do not round intermediate calculations. If no entry is required for a transactionevent select No journal entry required" in the
first account field.
View journal entry worksheet
