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Business, 19.05.2020 18:04 brydenskl814

Cheyenne offers contract MG100 which is comprised of a free-standing gas grill for small patio use plus installation to a customer’s gas line for a total price $950. On a standalone basis, the grill sells for $800 (cost $410), and Cheyenne estimates that the fair value of the installation service (based on cost-plus estimation) is $200. Cheyenne signed 25 MG100 contracts on May 30, 2021, and customers paid the contract price in cash. The grills were delivered and installed on June 15, 2021. Prepare journal entries for Cheyenne for MG100 in May and June 2021

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