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On August 22, 2021, Ivanhoe Manufacturing sold on account one of its Model S14 bulldozers including a 5-year service contract for $224,000. The stand-alone price
On August 22, 2021, Ivanhoe Manufacturing sold on account one of its Model S14 bulldozers including a 5-year service contract for $224,000. The stand-alone price of the equipment is $171,000 and the service contract sells separately between $53,000 and $77,000. Prepare the appropriate journal entry for the transaction. Ignore cost of goods sold entry.
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