Metlock Ranch & Bonita 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 Metlocks products. Pricing and cost information on three of Metlocks most popular products are as follows.

Respond to the requirements related to the following independent revenue arrangements for Metlock Ranch & Bonita.

Metlock sells three grain/hay dryers to a local farmer at a total contract price of $46,700. In addition to the dryers, Metlock provides installation, which has a standalone selling price of $900 per unit installed. The contract payment also includes a $1,300 maintenance plan for the dryers for 3 years after installation. Metlock signs the contract on June 20, 2017, and receives a 20% down payment from the farmer. The dryers are delivered and installed on October 1, 2017, and full payment is made to Metlock. Prepare the journal entries for Metlock in 2017 related to this arrangement.

On April 25, 2017, Metlock ships 110 augers to Bonita Depot, a farm supply dealer in Nebraska, on consignment. By June 30, 2017, Bonita Depot has sold 60 of the consigned augers at the listed price of $1,200 per unit. Bonita Depot notifies Metlock of the sales, retains a 10% commission, and remits the cash due Metlock. Prepare the journal entries for Metlock and Bonita Depot for the consignment arrangement.

Item Mini-trencher Power fence hole auger Grain/hay dryer Standalone Selling Price (Cost) $ 3,700 ($2,100 ) 1,200 (900) 14,600 (11,400 ) Date Account Titles and Explanation Debit Credit Jun. 20, 2017 (To record payment received) (To record sales) Account Titles and Explanation Debit Credit Date Entries for Metlock Jun 30, 2017 (To record payment received) (To record sales) Entries for Bonita Depot (To record consignment sales) (To record payment) Item Mini-trencher Power fence hole auger Grain/hay dryer Standalone Selling Price (Cost) $ 3,700 ($2,100 ) 1,200 (900) 14,600 (11,400 ) Date Account Titles and Explanation Debit Credit Jun. 20, 2017 (To record payment received) (To record sales) Account Titles and Explanation Debit Credit Date Entries for Metlock Jun 30, 2017 (To record payment received) (To record sales) Entries for Bonita Depot (To record consignment sales) (To record payment)