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In September 2025, Ivanhoe Corp. commits to selling 150 of its iPhone-compatible docking stations to Metlock Co. for $14,700 ($98 per product). The stations are
In September 2025, Ivanhoe Corp. commits to selling 150 of its iPhone-compatible docking stations to Metlock Co. for $14,700 ($98 per product). The stations are delivered to Metlock over the next 6 months. After 90 stations are delivered, the contract is modified and Ivanhoe promises to deliver an additional 40 products for an additional $3,720 ($93 per station). All sales are cash on delivery. (a) Prepare the journal entry for Ivanhoe for the sale of the first 90 stations. The cost of each station is $59. (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. List all debit entries before credit entries.) Account Titles and Explanation (To record sales) (To record cost of goods sold) Debit Credit
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