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Exаm Essаy Questiоn #1 Technоlоgy Enhаncement Corporation (TEC) is an experienced computer dealer. TEC also offers a number of services together with the computers that it sells. TEC also sells installation services and training services for the related computer equipment. Assume that TEC sells computers and its other services on a standalone basis or in bundles. Standalone and Bundle pricing follows. Computer Equipment $90,000 Installation $30,000 Training $60,000 Bundle A including equipment, installation and training $144,000 Bundle B including equipment and installation $120,000 (Note: Customers have the ability to purchase each of the items individually or by using the bundled pricing. The above information includes the relative standalone selling prices of each product/service. Also, the cost of the computer equipment to TEC was $65,000.) Sales Transaction: Assume that a customer signs a contract on Sept. 1, 2020 for Bundle A. Delivery of the equipment occurs on October 31, 2020. The equipment is installed on November 30, 2021. Training began on December 1 and will be completed (equally) over December, January and February. Payments on the contract were 60% of the contract price at the signing of the contract, with another 20% on the date of delivery (computer equipment) and the remaining 20% when the training is completed. Assume all payments were made on the dates specified in the contract. Requirements: (a) Identify the separate performance obligations related to the TEC revenue arrangement (i.e. the sale described above). (b) Using a revenue allocation table, indicate/determine the amount of revenue that should be allocated each performance obligation in the above sales transaction. (c) Prepare TEC's necessary (i.e. appropriate) journal entries, including adjusting entries, if any, for the year ended of 12/31/20. The following Excel file has been provided and seeded with information useful in completing the above requirements and those for Essay #2. Students may use this file on an optional basis. When the Excel file is used please be sure to copy and paste your answers from the Excel file into the respective two essay questions in the Canvas Exam. The third question of the exam will ask students using this Excel file to upload the file. Exam 1 Essay Questions Student Version Fall 2024.xlsx