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On August 22, 2021, Sheridan Manufacturing sold on account one of its Model S14 bulldozers including a 5-year service contract for $ 224,000 . The

On August 22, 2021, Sheridan 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 $169,000 and the service contract sells separately between $55,000 and $77,000.

Prepare the appropriate journal entry for the transaction. Ignore cost of goods sold entry.

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