Blue Ranch & Farm is a distributor of ranch and farm equipment. Its products range from small tools, power equipment for trench- digging and fencing, grain dryers, and barn winches. Most products are sold direct via its company catalog and Internet site. However, given some of its specialty products, select farm implement stores carry Blue's products. Pricing and cost information on three of Blue's most popular products are as follows. Item Mini-trencher Power fence hole auger Grain/hay dryer Standalone Selling Price (Cost) $3,300 ($2,000) 1,100 (900) 13,200 (10,000) Respond to the requirements related to the following independent revenue arrangements for Blue Ranch & Farm. Blue sells three grain/hay dryers to a local farmer at a total contract price of $42,900. In addition to the dryers, Blue provides installation, which has a standalone selling price of $1,000 per unit installed. The contract payment also includes a $1,400 maintenance plan for the dryers for 3 years after installation. Blue signs the contract on June 20, 2020, and receives a 20% down payment from the farmer. The dryers are delivered and installed on October 1, 2020, and full payment is made to Blue. Prepare the journal entries for Blue in 2020 related to this arrangement. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round answers to 0 decimal places, e.g. 5,275.) ite Account Titles and Explanation Debit Credit 020 Cash 8580 Accounts Receivable 34320 Unearned Sales Revenue Unearned Service Revenue - Installation Unearned Service Revenue - Maintenance 1364 020 Cash Accounts Receivable (To record payment received) Unearned Service Revenue - Installation Unearned Sales Revenue Service Revenue Sales Revenue (To record sales) Sale! Cost of Goods Sold Inventory (To record cost of goods sold) Unearned Service Revenue - Maintenance 2020 Service Revenue Blue Ranch & Farm is a distributor of ranch and farm equipment. Its products range from small tools, power equipment for trench- digging and fencing, grain dryers, and barn winches. Most products are sold direct via its company catalog and Internet site. However, given some of its specialty products, select farm implement stores carry Blue's products. Pricing and cost information on three of Blue's most popular products are as follows. Item Mini-trencher Power fence hole auger Grain/hay dryer Standalone Selling Price (Cost) $3,300 ($2,000) 1,100 (900) 13,200 (10,000) Respond to the requirements related to the following independent revenue arrangements for Blue Ranch & Farm. Blue sells three grain/hay dryers to a local farmer at a total contract price of $42,900. In addition to the dryers, Blue provides installation, which has a standalone selling price of $1,000 per unit installed. The contract payment also includes a $1,400 maintenance plan for the dryers for 3 years after installation. Blue signs the contract on June 20, 2020, and receives a 20% down payment from the farmer. The dryers are delivered and installed on October 1, 2020, and full payment is made to Blue. Prepare the journal entries for Blue in 2020 related to this arrangement. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round answers to 0 decimal places, e.g. 5,275.) ite Account Titles and Explanation Debit Credit 020 Cash 8580 Accounts Receivable 34320 Unearned Sales Revenue Unearned Service Revenue - Installation Unearned Service Revenue - Maintenance 1364 020 Cash Accounts Receivable (To record payment received) Unearned Service Revenue - Installation Unearned Sales Revenue Service Revenue Sales Revenue (To record sales) Sale! Cost of Goods Sold Inventory (To record cost of goods sold) Unearned Service Revenue - Maintenance 2020 Service Revenue