On may 1, 2016, meta computer, inc., enters into a contract to sell 5,000 units of comfort office keyboard toone of its clients, bionics, inc., at a fixed price of $95,000, to be settled by a cash payment on may 1. deliveryis scheduled for june 1, 2016. as part of the contract, the seller offers a 25% discount coupon to bionics for anypurchases in the next six months. the seller will continue to offer a 5% discount on all sales during the same timeperiod, which will be available to all customers. based on experience, meta computer estimates a 50% probabilitythat bionics will redeem the 25% discount voucher, and that the coupon will be applied to $20,000 of purchases. the stand-alone selling price for the comfort office keyboard is $19.60 per unit.1. how many performance obligations are in this contract? 2. prepare the journal entry that meta would record on may 1, 2016.3. assume the same facts and circumstances as above, except that meta gives a 5% discount option to bionicsinstead of 25%. in this case, what journal entry would meta record on may 1, 2016?

The new york times (nov. 30, 1993) reported that “the inability of opec to agree last week to cut production has sent the oil market into turmoil . . [leading to] the lowest price for domestic crude oil since june 1990.” why were the members of opec trying to agree to cut production? so they could save more oil for future consumption so they could lower the price so they could raise the price why do you suppose opec was unable to agree on cutting production? because each country has a different production capacity because each country experiences different production costs because each country has an incentive to cheat on any agreement the newspaper also noted opec’s view “that producing nations outside the organization, like norway and britain, should do their share and cut production.” what does the phrase “do their share” suggest about opec’s desired relationship with norway and britain? opec would like norway and britain to keep their production levels high. opec would like norway and britain to act competitively. opec would like norway and britain to join the cartel.