Lift-It Equipment Company (LEC) specializes in equipment for warehouses. LEC offers forklifts, self-propelled elevated work platforms, and offers an optional two-year maintenance agreement on the equipment that it sells. The equipment and the maintenance agreements can be purchased individually, or as a package. Each sales order is customized to the needs of the customer. On August 1, 2021, LEC sold a forklift, a self-propelled elevated work platform, and a two-year maintenance agreement to Storage Solutions Inc, for a price of $32,000, with payment due on November 1, 2021. The maintenance coverage term would commence when the equipment was delivered. The equipment was delivered to Storage Solutions Inc. on October 1, and the payment received on November 1. If each component had been purchased separately, the price would have been:

Forklift: Sales price $30,000; Cost $20,000

Self-propelled elevated work platform: Sales price $6,000; Cost $4,200

Maintenance agreement: Sales price $4,000; Cost dependant on services needed

Required:

Provide the journal entries related to this sale for the year 2021, assuming LEC has a December 31 year end. Round all entries to the nearest dollar.