Current Attempt in Progress Sheridan Ranch & Farm 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 Sheridan's products. Pricing and cost information on three of Sheridan's most popular products are as follows. Item Standalone Selling Price (Cost) Mini-trencher $3,400 ($2.200) Power fence hole auger 1,300. (800) 14,000 (11,300) Grain/hay dryer Respond to the requirements related to the following independent revenue arrangements for Sheridan Ranch & Farm (c) Sheridan sells three grain/hay dryers to a local farmer at a total contract price of $45,400. In addition to the dryers, Sheridan provides installation, which has a standalone selling price of $1,100 per unit installed. The contract payment also includes a $1,200 maintenance plan for the dryers for 3 years after installation. Sheridan signs the contract on June 20, 2025, and receives a 20% down payment from the farmer. The dryers are delivered and installed on October 1, 2025, and full payment is made to Sheridan. Prepare the journal entries for Sheridan in 2025 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 O for the amounts. Round answers to O decimal places, eg 5,275. List all debit entries before credit entries. Record journal entries in the order presented in the problem. Do not round intermediate calculations.) Date Account Titles and Explanation Debit Credit (To record payment received) eTextbook and Media List of Accounts (To record sales) (To record cost of goods sold) 1/2 1