On December 31, 2020, Ivanhoe Limited sells production equipment to Franco Corporation for $102,000. Ivanhoe includes a 1-year warranty service contract with the sale of all its equipment. The customer receives and pays for the equipment on December 31. 2020. Ivanhoe estimates the prices to be $99.785 for the equipment and $3,000 for the warranty. Prepare the entry to record the sale on December 31, 2020 using the relative fair value method. (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 for the amounts. Do not round intermediate calculations Round answers to decimal places, eg,5,275) Date Account Titles and Explanation Debit Credit Dec 31, 102000 2020 Cash Sales Revenue 99785 Warranty ability (To record the initial transaction) 3000 Prepare the entry to record the sale on December 31, 2020 using the residual value method, assuming the stand-alone value of the warranty has the most reliable estimate. (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 for the amounts) Date Account Titles and Explanation Debit Credit Dec 31, 2020 (To record the initial transaction) On December 31, 2020, Ivanhoe Limited sells production equipment to Franco Corporation for $102,000. Ivanhoe includes a 1-year warranty service contract with the sale of all its equipment. The customer receives and pays for the equipment on December 31. 2020. Ivanhoe estimates the prices to be $99.785 for the equipment and $3,000 for the warranty. Prepare the entry to record the sale on December 31, 2020 using the relative fair value method. (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 for the amounts. Do not round intermediate calculations Round answers to decimal places, eg,5,275) Date Account Titles and Explanation Debit Credit Dec 31, 102000 2020 Cash Sales Revenue 99785 Warranty ability (To record the initial transaction) 3000 Prepare the entry to record the sale on December 31, 2020 using the residual value method, assuming the stand-alone value of the warranty has the most reliable estimate. (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 for the amounts) Date Account Titles and Explanation Debit Credit Dec 31, 2020 (To record the initial transaction)