Requirement from my instructor may be helpful:For each questions in part I, please actually build a (simple) contract for a purchase, sale, lease, service contract, or whatever else the question is requesting. You only need to consider the portions of the standards that are relevant to what I’m asking you to design.For instance, for the first question, you need a contract that meets the criteria for Topic 606, and has two performance obligations (steps 1 & 2 in revenue recognition). The total contract price and the percentage of that price allocated to each performance obligation (steps 3 and 4 in revenue recognition) aren’t relevant to what is being asked; nor is the actual recognition of revenue (step 5). So, your transaction structure might be a contract that looks something like the following, where I’ve used italicized brackets to indicate important decisions that you will want to think about, that could either make the contract conform to Topic 606, or prevent it from doing so, depending on what you choose.Customer A enters into a contract with Supplier B for the purchase of equipment and maintenance services. The contract price and payment terms are [pick whichever one of the three that you think works best for this situation]. Customer A will take delivery of the equipment at [some time – you figure it out, or maybe not take delivery at all]. The equipment serial number will be provided at delivery [or some other time, or specifically list in the contract, or don’t provide at all]. Supplier B will deliver, install, and configure the equipment. Title passes to the customer upon taking possession [or at some other time, or not at all], and Supplier B retains no rights [or all rights, or some specific rights, etc., or say nothing about rights and/or control] over the equipment. Maintenance will be provided on-site [or off-site, or elsewhere, etc., or don’t specify at all] for five years, beginning on the date the customer takes possession of the equipment. Please help me finish the questions in ‘Exam 2’ file, The powerpoint is the helpful sources for you.Thank you.
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