Page of 3 Print by: GUILLERMINA LORENZo 335.D301.Spring 2018.Seda/C 18 Problem 18-4 Pharoah Appliance Co. manufactures low-price, nofrills appliances that are in great demand for rental units. Pricing and cost information on Pharoah's main products are as follows. Standalone Item Selling Price (Cost) Refrigerator Range Stackable washer/dryer unit $490 ($260) 570 (270) Customers can contract to purchase either individually at the stated prices or a three-item bundie with a price of $1,800. The bundle price includes delvery and installation. Pharoah also provides installation (not a separate performance obligation). once in ether (40) Respond to the requirements related to the following independent revenue arrangements for Pharoah Appliance Co. To record cost of goods sold) YellowCard Property Managers operates upscale student apartment buildings. On May 1, 2017, Pharoah signs a contract with YellowCard for 280 appliance bundles to be delivered and installed in one of its new buildings. Yellowcard pays 20% cash at contract signing and will pay the balance upon installation no later than August 1, 2017. Prepare journal entries for Pharoah on (1) May 1, 2017, and (2) August 1, 2017, when all appliances are installed. (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 Debit Credit Date Account Titles and Explanation No. (1) May 1, 2017 Page 2 of 3 oblem 18-4 (2) Aug. 1, 2017 (To record sales) orord cost of goods sold) laase agreements with students