Current Attempt in Progress On November 1, 2021. Wildhorse Farm entered into a contract to buy a $147000 harvester from John Deere. The contract required Wildhorse Farm to pay $147000 in advance on November 1.2021. The harvester (cost of $107000) was delivered on November 30, 2021. The journal entry to record the delivery of the equipment includes a O credit to Cost of Goods Sold for $107000. O debit to Inventory for $107000. O debit to Unearned Sales Revenue for $147000. O credit to Unearned Sales Revenue for $147000. Quest Multiple Quest Munple Ques Muligh Ques Multip Meyer & Smith is a full-service technology company. They provide equipment, installation services as well as training. Customers can purchase any product or service separately or as a bundled package, Pharoah Corporation purchased computer equipment. installation and training for a total cost of $120960 on March 15.2021 Estimated standalone fair values of the equipment. installation, and training are $78000, $50-400, and $22800 respectively. The transaction price allocated to equipment, installation and training is 4 O $78000, $50400, $22800 respectively. O $62400, $40320, $18240 respectively. O $40320, $40320, $40320 respectively. O $120960 for the entire bundle. Muligh Ques Multipl Quem Multip Ques Multipe Ques Current Attempt in Progress Crane Company sells prefabricated pools that cost $79000 to customers for $130005. The sales price includes an installation fee. which is valued at $18600. The fair value of the pool is $125850. The installation is considered a separate performance obligation and is expected to take 3 months to complete. The transaction price allocated to the pool and the installation is O $125850 and $18600 respectively O $130005 and $18600 respectively $105229 and $24776 respectively O $113265 and 16740 respectively C M Q M M Qu FO Q Ma -/2.5 E Ivanhoe Construction is constructing an office building under contract for Cannon Company and uses the percentage-of-completion method. The contract calls for progress billings and payments of $1650000 each quarter. The total contract price is $18708000 and Ivanhoe estimates total costs of $17850000. Ivanhoe estimates that the building will take 3 years to complete, and commences construction on January 2, 2021. At December 31, 2022, Ivanhoe Construction estimates that it is 75% complete with the building; however, the estimate of total costs to be incurred has risen to $18050000 due to unanticipated price increases. What is reported in the balance sheet at December 31, 2022 for Ivanhoe as the difference between the Construction in Process and the Billings on Construction in Process accounts, and is it a debit or a credit? Difference between the accounts Debit/Credit $4677000 Credit $831000 Credit $337500 Debit $831000 Debit Wildhorse Constructors, Inc. has consistently used the percentage-of-completion method of recognizing income. In 2021. Wildhorse started work on a $63700000 construction contract that was completed in 2022. The following information was taken from Wildhorse's 2021 accounting records: Progress billings $20020000 Costs incurred 19110000 Collections 12480000 Estimated costs to complete 38220000 What amount of gross profit should Wildhorse have recognized in 2021 on this contract? O $2123333 O $3185000 O $4246667 O $6370000