Seadrill Engineering licensed software to oil-drilling firms…
Seadrill Engineering licensed software to oil-drilling firms. In addition to providing the software, the company also provides consulting services and support to ensure smooth operation of the software. The total transaction price is $440,000. Based on standalone values, the company estimates the consulting services and support have a value of $315,000 and the software license has a value of $125,000. The software license will be provided upon payment. Assuming the performance obligations are not interdependent, the journal entry to record the transaction includes
Read Details