Monty Company sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot spot. It offers two bundles with the following terms.1.Monty Bundle A sells a tablet with 3 years of Internet service. The price for the tablet and a 3-year Internet connection service contract is $464. The standalone selling price of the tablet is $229 (the cost to Monty Company is $172). Monty Company sells the Internet access service independently for an upfront payment of $290. On January 2, 2017, Monty Company signed 100 contracts, receiving a total of $46,400 in cash.2.Monty Bundle B includes the tablet and Internet service plus a service plan for the tablet PC (for any repairs or upgrades to the tablet or the Internet connections) during the 3-year contract period. That product bundle sells for $563. Monty Company provides the 3-year tablet service plan as a separate product with a standalone selling price of $154. Monty Company signed 190 contracts for Monty Bundle B on July 1, 2017, receiving a total of $106,970 in cash. a. Prepare any journal entries to record the revenue arrangement for Monty Bundle A on January 2, 2017, and December 31, 2017DateAccount Titles and . 2, 2017Jul. 1, 2017Dec. 31, 2017(To record sales)(To record cost of goods sold)Jan. 2, 2017Jul. 1, 2017Dec. 31, 2017b. Prepare any journal entries to record the revenue arrangement for Monty Bundle B on July 1, 2017, and December 31, 2017.DateAccount Titles and . 2, 2017Jul. 1, 2017Dec. 31, 2017(To record sales)(To record cost of goods sold)Dec. 31, 2017c. Repeat the requirements for part (a), assuming that Monty Company has no reliable data with which to estimate the standalone selling price for the Internet serviceDateAccount Titles and . 2, 2017Jul. 1, 2017Dec. 31, 2017(To record sales)(To record cost of goods sold)Jan. 2, 2017Jul. 1, 2017Dec. 31, 2017
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