$2$

On December $18,$ Intel receives $$280,000$ from a customer as down payment on a total sale of $$2\mathrm{.}8$ million for computer chips to be completed on January $23.$ On January $23,$ the computer chips were delivered and the remaining cash was received from the customer. Assume Intel uses the perpetual inventory system, and the computer chips had a total production cost of $$2\mathrm{.}1$ million.

$10$

Determine the financial statement effects of $(1)$ the collection of the down payment on December $18$ and $(2)$ the delivery of inventory

points

and collection of remaining cash on January $23.$

$01$:$08$:$59$

Complete this question by entering your answers in the tabs below.

Required $1$

Required $2$

Determine the financial statement effects of the collection of the down payment on December $18.($Enter your answers in dollars, not millions. For example, $$5\mathrm{.}5$ million should be entered as $5,500,000.)$

$\backslash$table$[[$Income Statement$],[$Revenues$,-,$Expenses,$=,$Net Income$],[,,,,],[,,,,],[$Balance Sheet$],[$Assets$,=,$Liabilities,$+,\backslash$table$[[$Stockholders$],[$Equity$]]],[,,,,],[,,,,]]$

Required $1$

Required $2$