Coronado 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 Coronados products. Pricing and cost information on three of Coronados most popular products are as follows.

Item		Stand-Alone Selling Price (Cost)
Mini-trencher		$3,600	($2,000)
Power fence hole auger		1,200	($900)
Grain/hay dryer		14,105	($11,000)

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

a)

On January 1, 2020, Coronado sells augers to Mills Farm & Fleet for $48,000. Mills signs a six-month note at an annual interest rate of 12%. Coronado allows Mills to return any auger that it cannot use within 60 days and receive a full refund. Based on prior experience, Coronado estimates that 5% of units sold to customers like Mills will be returned (using the most likely outcome approach). Coronados 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 Coronado 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.)

b)

On August 10, 2020, Coronado sells 13 mini-trenchers to a farm co-op in western Canada. Coronado provides a 4% volume discount on the mini-trenchers if the co-op has a 15% increase in purchases from Coronado 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 Coronado 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.)

c)

Coronado sells three grain/hay dryers to a local farmer at a total contract price of $45,500. In addition to the dryers, Coronado provides installation, which has a stand-alone sales value of $930 per unit installed. The contract payment also includes a $1,395 maintenance plan for the dryers for three years after installation. Coronado 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 Coronado. Prepare the journal entries for Coronado 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.)

d)

On April 25, 2020, Coronado ships 120 augers to Farm Depot, a farm supply dealer in Alberta, on consignment. By June 30, 2020, Farm Depot has sold 70 of the consigned augers at the listed price of $1,200 per unit. Farm Depot notifies Coronado of the sales, retains a 11% commission, and remits the cash due to Coronado. Prepare the journal entries for Coronado 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.)

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