Crane Ranch & Cheyenne 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 Cranes products. Pricing and cost information on three of Cranes most popular products are as follows.

Item		Standalone Selling Price (Cost)
Mini-trencher		$ 3,200	($2,200	)
Power fence hole auger		1,200	(700	)
Grain/hay dryer		12,600	(11,600	)

Respond to the requirements related to the following independent revenue arrangements for Crane Ranch & Cheyenne.

a)On January 1, 2017, Crane sells 30 augers to Mills Farm & Fleet for $36,000. Mills signs a 6-month note at an annual interest rate of 12%. Crane allows Mills to return any auger that it cannot use within 50 days and receive a full refund. Based on prior experience, Crane estimates that 5% of units sold to customers like Mills will be returned (using the most likely outcome approach). Cranes costs to recover the products will be immaterial, and the returned augers are expected to be resold at a profit. Prepare the journal entry for Crane on January 1, 2017. (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, 2017, Crane sells 16 mini-trenchers to a farm co-op in western Minnesota. Crane provides a 4% volume discount on the mini-trenchers if the co-op has a 15% increase in purchases from Crane compared to 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 entry for Crane on August 10, 2017. (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. Round intermediate calculations to 6 decimal places, e.g. 1.246576 and final answers to 0 decimal places, e.g. 5,125.)

c)Crane sells three grain/hay dryers to a local farmer at a total contract price of $40,800. In addition to the dryers, Crane provides installation, which has a standalone selling price of $900 per unit installed. The contract payment also includes a $1,200 maintenance plan for the dryers for 3 years after installation. Crane signs the contract on June 20, 2017, and receives a 20% down payment from the farmer. The dryers are delivered and installed on October 1, 2017, and full payment is made to Crane. Prepare the journal entries for Crane in 2017 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 0 for the amounts.)

d)On April 25, 2017, Crane ships 100 augers to Cheyenne Depot, a farm supply dealer in Nebraska, on consignment. By June 30, 2017, Cheyenne Depot has sold 50 of the consigned augers at the listed price of $1,200 per unit. Cheyenne Depot notifies Crane of the sales, retains a 10% commission, and remits the cash due Crane. Prepare the journal entries for Crane and Cheyenne 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.)