Training provider Altiplan Formation signs a 2-year training contract on 1 March 20X1 for 300,000. It owes an independent broker a commission of 18,000, due solely because of the signing and payable the following month. Altiplan expects to recover this cost and does not apply the practical expedient. Record the entry on 1 March 20X1.
- Contract amount
- 300,000
- Broker's commission
- 18,000