On December 18, Intel receives $260,000 from a customer as down payment on a total sale of $2.6 million for computer chips to be completed on January 23. On January 23, the computer chips were delivered and the remaining cash was received from the customer. Assume Intel uses the perpetual inventory system, and the computer chips had a total production cost of $1.6 million.

Determine the financial statement effects of (1) the collection of the down payment on December 18 and (2) the delivery of inventory and collection of remaining cash on January 23.

Transcribed image text: On December 18 , Inte/ receives $260,000 from a customer as down payment on a total sale of $2.6 million for computer chips to be completed on January 23. On January 23 , the computer chips were delivered and the remaining cash was received from the customer. Assume Intel uses the perpetual inventory system, and the computer chips had a total production cost of $1.6 million. Determine the financial statement effects of (1) the collection of the down payment on December 18 and (2) the delivery of inventory and collection of remaining cash on January 23. Answer is not complete. Complete this question by entering your answers in the tabs below. Determine the financial statement effects of the delivery of inventory and collection of remaining cash on January 23 . (Amounts to be deducted should be entered with minus sign. Enter your answers in dollars, not millions. For example, $5.5 million should be entered as 5,500,000.)