Cullumber Ranch \& Farm is a distributor of ranch and farm equipment. Its products range from small tools, power equipment for trench-cigging 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 Cullumber's products. Pricing and cost information on three of Cullumber's most popular products are as follows. Respond to the requirements related to the following independent revenue arrangements for Cullumber Ranch \& Farm. (a) On January 1, 2025, Cullumber sells 50 augers to Oriole Farm \& Fleet for $55,000. Oriole signs a 6-month note at an annual interest rate of 12%. Cullumber allows Oriole to return any auger that it cannot use within 50 days and receive a full refund. Based on prior experience, Cullumber estimates that 5% of units sold to customers like Oriole will be returned (using the most likely outcome approach). Cullumber's 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 Cullumber on January 1. 2025. (Credit occount tilles are outomatically indented when the arnount is entered. Do not indent manually. if no entry is required, select "No entry" for the occount tities and enter ofor the amounts List all debit entries before credit entries)