Maypole Industries imports goods from Taiwan and resells them to domestic Canadian markets. Maypole uses a perpetual inventory system. A typical transaction stream follows:

18 July Purchased goods for $455,000.

24 August Goods repackaged and ready for sale. Cost incurred, $59,600.

10 September Goods delivered to customer. Agreed-on price, $707,400.

22 November Customer paid.

Required:

1. Prepare journal entries assuming that the revenue is recognized the following critical events: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

1-a Delivery to customer

1-b cash respite

1-c preparation of goods to resell