Please help me in accordance with IFRS 15 Modern Engineering (ME) entered into a contract for 3 - year maintenance services with a manufacturing concern. Same service will be rendered over 3-year period. Contract required 100% upfront fees of 300,000 payable at the time of agreement on January 1, 2018. Prevailing market interest rate for ME is 12% . ME prepares its financial statements on 31st December every year. Required: All journal entries for above transaction.

Please help me in accordance with IFRS 15 Modern Engineering (ME) entered into a contract for 3 - year maintenance services with a manufacturing concern. Same service will be rendered over 3-year period. Contract required 100% upfront fees of 300,000 payable at the time of agreement on January 1, 2018. Prevailing market interest rate for ME is 12% . ME prepares its financial statements on 31st December every year. Required: All journal entries for above transaction.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 10RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...

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