BE18-1 Manual Company sells goods to Nolan Company during 2014. It offers Nolan the following rebates based on total sales to Nolan. If total sales to Nolan are 10,000 units, it will grant a rebate of 2%. If it sells up to 20,000 units, it will grant a rebate of 4%. If it sells up to 30,000 units, it will grant a rebate of 6%. In the first quarter of the year, Manual sells 11,000 units to Nolan at a sales price of $110,000. Manual, based on past experience, has sold over 40,000 units to Nolan and these sales normally take place in the third quarter of the year. Prepare the journal entry to record the sale of the 11,000 units in the first quarter of the year. BE18-8 ONeil, Inc. began work on a $7,000,000 contract in 2014 to construct an office building. ONeil uses the percentage-of-completion method. At December 31, 2014, the balances in certain accounts were Construction in Process $2,450,000; Accounts Receivable $240,000; and Billings on Construction in Process $1,400,000. Indicate how these accounts would be reported in ONeils December 31, 2014, balance sheet. BE18-10 Guillen, Inc. began work on a $7,000,000 contract in 2014 to construct an office building. Guillen uses the completed-contract method. At December 31, 2014, the balances in certain accounts were Construction in Process $1,715,000; Accounts Receivable $240,000; and Billings on Construction in Process $1,000,000. Indicate how these accounts would be reported in Guillens December 31, 2014, balance sheet. E18-8 (Revenue Recognition on Marina Sales with Discounts) Taylor Marina has 300 available slips that rent for $800 per season. Payments must be made in full at the start of the boating season, April 1, 2015. Slips for the next season may be reserved if paid for by December 31, 2014. Under a new policy, if payment is made by December 31, 2014, a 5% discount is allowed. The boating season ends October 31, and the marina has a December 31 year-end. To provide cash flow for major dock repairs, the marina operator is also offering a 20% discount to slip renters who pay for the 2016 season. For the fiscal year ended December 31, 2014, all 300 slips were rented at full price. Two hundred slips were reserved and paid for the 2015 boating season, and 60 slips for the 2016 boating season were reserved and paid for. Instructions (a) Prepare the appropriate journal entries for fiscal 2014. (b) Assume the marina operator is unsophisticated in business. Explain the managerial significance of the accounting above to this person