Monty Ranch & Farm 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 Monty's products. Pricing and cost information on three of Monty's most popular products are as follows. Item Mini-trencher Power fence hole auger Grain/hay dryer Standalone Selling Price (Cost) $3,400 ($1,800 ) 1,300 (800) 14,700 (10,900 ) Respond to the requirements related to the following independent revenue arrangements for Monty Ranch & Farm Monty sells three grain/hay dryers to a local farmer at a total contract price of $47,500. In addition to the dryers, Monty provides installation, which has a standalone selling price of $1,100 per unit installed. The contract payment also includes a $1,200 maintenance plan for the dryers for 3 years after installation. Monty signs the contract on June 20, 2020, and receives a 20% down payment from the farmer. The dryers are delivered and installed on October 1, 2020, and full payment is made to Monty. Prepare the journal entries for Monty in 2020 related to this arrangement. (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. Round answers to 0 decimal places, e.g. 5,275.) Date Jun. 20, 2020 Oct. 1, 2020 Account Titles and Explanation (To record payment received) Debit Credit