Matheus1799 Matheus1799

14-12-2022
Business

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On January 31, Oâ€™Malley Company contracted to have two products built byTaylor Manufacturing for a total of P185,000. The contract specifies that payment will only occur after both products have been transferred to Oâ€™Malley Company. Oâ€™Malley determines that the standalone prices areP100,000for Product 1 and P85,000 for Product 2. On August 1, when Product1 hasbeen transferred, the journal entry to record this event include a:a. Debit to Contract Assets for P85,000b. Debit to Contract Assets for P100,00

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