Bonita Ranch & Farm is a distributor of ranch and farm equipment. Its products include small tools, power equipment for trench-digging and fencing, grain dryers, and barn winches. Most products are sold direct via its company Internet site. However, given some of its specialty products, select farm implement stores carry Bonitas products. Pricing and cost information on three of Bonitas most popular products are as follows.

Item		Stand-Alone Selling Price (Cost)
Mini-trencher		$3,900	($2,200)
Power fence hole auger		1,320	($880)
Grain/hay dryer		15,470	($12,100)

Respond to the requirements related to the following independent revenue arrangements for Bonita Ranch & Farm. IFRS is a constraint.

On January 1, 2020, Bonita sells augers to Mills Farm & Fleet for $52,800. Mills signs a six-month note at an annual interest rate of 12%. Bonita allows Mills to return any auger that it cannot use within 60 days and receive a full refund. Based on prior experience, Bonita estimates that 5% of units sold to customers like Mills will be returned (using the most likely outcome approach). Bonitas costs to recover the products will be immaterial, and the returned augers are expected to be resold at a profit. Prepare the journal entries for Bonita on January 1, 2020. (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 0 for the amounts.)

On August 10, 2020, Bonita sells 17 mini-trenchers to a farm co-op in western Canada. Bonita provides a 4% volume discount on the mini-trenchers if the co-op has a 15% increase in purchases from Bonita compared with the prior year. Given the slowdown in the farm economy, sales to the co-op have been flat, and it is highly uncertain that the benchmark will be met. Prepare the journal entries for Bonita on August 10, 2020. (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 0 for the amounts.)

Bonita sells three grain/hay dryers to a local farmer at a total contract price of $50,000. In addition to the dryers, Bonita provides installation, which has a stand-alone sales value of $1,020 per unit installed. The contract payment also includes a $1,530 maintenance plan for the dryers for three years after installation. Bonita 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 Bonita. Prepare the journal entries for Bonita in 2020 related to this arrangement as well as any adjusting journal entries at its December year end. (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 0 for the amounts. Record journal entries in the order presented in the problem. Round answers to 0 decimal places, e.g. 5,275.)

On April 25, 2020, Bonita ships 110 augers to Farm Depot, a farm supply dealer in Alberta, on consignment. By June 30, 2020, Farm Depot has sold 70of the consigned augers at the listed price of $1,320 per unit. Farm Depot notifies Bonita of the sales, retains a 8% commission, and remits the cash due to Bonita. Prepare the journal entries for Bonita and Farm Depot for the consignment 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 0 for the amounts. Record journal entries in the order presented in the problem.)

Date Account Titles and Explanation Debit Credit January 1, 2020 (To record sale on account) January 1, 2020 (To record cost of goods sold) Debit Credit Date Account Titles and Explanation August 10, 2020 (To record cash sale) August 10, 2020 (To record cost of goods sold) Date Account Titles and Explanation Debit Credit (To record sales and installation revenue) (To record cost of goods sold) Date Debit Credit Account Titles and Explanation Entries for Bonita - the Consignor Signor (To record revenue from consignment sales) (To record cost of gods sold) Entries for Farm Depot - the Consignee (To record revenue from consignment sales) (To record payment on account)