Instructions On December 10, 2019, Kool-Air Solutions agreed to manufacture and supply 785 refrigerators used by Vandelay Industries. Vandelay deposited $155 per unit upon signing the 3-year purchase agreement, which set the selling price of each refrigerator at $075. Kool Air's inventory cost is $470 per unit. No units were delivered during 2019. During 2020, 170 units will be delivered; during 2021, 330 units will be delivered; and during 2022, the remaining units will be delivered. Assume Kool-Air uses a perpetual inventory system and Vandelay pays in cash upon delivery of units for amounts not covered by the deposit. Required: 1. Conceptual Connection: Prepare the entry by Kool Ar to record recept of the deposit during 2018. How would the deposit be reported in the financial statements at the end of 2019? 2. Conceptual Connection: Prepare the entry by Kool-Ar to record the delivery of 170 unity during 2020. How would the deposit be reported in the financial statements at the end of 2020? 3. Prepare the entry by Kool Air to record the delivery of 330 unts during 2021. General Journal instructions Ta Conceptual Connection: Prepare the entry by Kool Ar to record receipt of the deposit on December 10, 2018 GENERAL JOURNAL Score: 25/25 PACT ON FINANCIAL STATEMENTS BALANCE SHEET INCOME STATEMENT Dec 10 Cash CREDIT DET 121,675.00 ASSETS LIAUTIES EQUITY REVENUE EXPRES Unnamed Raven 1 121,675.00 Record the collection of the combine coon Consider where the deposit belongs on the income sementarce sheet and whether it is a revenus expense of an assolu honcurrent 2. Conceptual Connection: Prepare the entry by Kool Air to record the delvery of 170 units on December 31, 2020 How does grading work? GE GENERAL JOURNAL Score: 39/63 IMPACT ON FINANCIAL STATEMENTS BALANCE SHEET INCOME STATEMENT DATE ACCOUNT TE POSTE 1 CREDIT Dec. 31 ASSETS LABILITES EQUITY REVENUE EXPENSES NET INCOME DEBIT 13940000 2635000 1 Uneamed Sales Ren Sales Revenue SS . 165.750.00 1 + Feed 3. Papave the entry by Kool Ait to record the delivery of 330 units on December 31, 2021 How does grading work? PAGE 1 GENERAL JOURNAL Score: 39/63 IMPACT ON FINANCIAL STATEMENTS BALANCE SHEET INCOME STATEMENT POST, BET DERIT CREDIT LATES 1 REVENUE POSES NET INCOME DATE ACCOUNT TITU Dec. 31" Gash Uneaned Sales Revenue + 270,600.00 51.150.00 - Sales Revenue 321750.00 + + +