Business, 27.08.2021 01:20 indexes06

XYZ Ltd. enters into a three years extended warranty service contract. The payment terms are $100,000 payable annually in advance This amount is standalone selling price of services at contract inception. At the beginning of third year (after the customer had paid the $100,000 for that year), the entity agrees to reduce the price for third year of service to $80,000. In addition, the customer agrees to pay an additional $220,000 for an extension of the contract for three years. The standalone selling price of the services at the beginning of the third year is $80,000 per year. How should the contract modification be reflected in third year

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XYZ Ltd. enters into a three years extended warranty service contract. The payment terms are $100,00...

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