Shamrock Financial Services performs bookkeeping and tax-reporting services to startup companies in the Oconomowoc area. On January 1, 2020, Shamrock entered into a 3-year service contract with Walleye Tech. Walleye promises to pay $ 9,100 at the beginning of each year, which at contract inception is the standalone selling price for these services. At the end of the second year, the contract is modified and the fee for the third year of services is reduced to $ 7,300. In addition, Walleye agrees to pay an additional $ 18,200 at the beginning of the third year to cover the contract for 3 additional years (i.e., 4 years remain after the modification). The extended contract services are similar to those provided in the first 2 years of the contract. Required:
Prepare the journal entries for Cheyenne in 2019 and 2020 related to this service contract.

Explanation:

Definition. ... Corporate Social Irresponsibility can be defined as business doing wrong in relation to the environment, community, society, ethics, and business practices. CSI is when things go wrong in relation to profitability, the environment, and people (customers, suppliers, or employees).

                                        THE RESPONSIBILITIES

Social Sponsorship: Social sponsorship is a form of sponsorship that goes further into audience engagement. The audience is indeed invited to engage and experience the product.

Cash donations: historically this has been the most popular way companies have contributed to social causes. Granting financial support, in fact, is immediate and easy. Nevertheless, sometimes it’s not as effective as other aid tools.

Gift in-kind: this form of corporate giving has been praised by many market experts. As a matter of fact, its quality comes from the fact that donating goods and services can help nonprofits pursue their goals in a more efficient way

Corporate volunteering: many big firms offer employees the possibility to volunteer extra-time for nonprofits, school or other institutions. Extra-time regularly paid, of course

Community engagement: giving back to the community. Many corporations are switching to this CSR branch as it’s a powerful strategy to enhance reputation.

                                 Social Business Benefits

Social impact: helping social projects achieve their mission by donation or proactive participation can boost their impact.

Brand image: standing out as a noble and committed corporate citizen can improve your reputation.

Customer loyalty: people love brands who are involved in social activities and they are more inclined to buy from them in the future.

Differentiation: living in a period where the competition is tight almost in every market, gaining the reputation of a kind and caring corporation can help you differentiate.