On January 2, Year 1, a motorcycle dealer sells a motorcycle with an extended warranty for two years beyond the manufacturer’s two-year warranty and an agreement to service the vehicle for the first three years. The total transaction amount is $8,300. The extended warranty is estimated at 5 percent of the total price, less the amount of the service agreement, which is estimated to be $100 per year. How many performance obligations are included in this contract?

The entry to record the issuance of common stock at a price above its par value includes:

When a transaction involves multiple performance obligations in a single transaction:

A restriction of retained earnings:

Which of the following is an example of a contingent liability?

Dividends are first recorded and retained earnings are reduced on:

The present value of an amount is:

Which of the following would not be classified as an unusual and/or infrequent item?

The cost of a new windshield wiper on a delivery vehicle would be classified as:

Which of the following assets is not subject to depreciation and does not decline in usefulness over time?