Pina Co. manufactures low-price, no-frills appliances that are in great demand for rental units. Pricing and cost information on Pina main products are as follows. Item Standalone Selling Price (Cost) Refrigerator $440 350) Range 295 (175) Stackable washer/dryer unit 410 (190) Customers can contract to purchase either individually at the stated prices or a three-item bundle with a price of $1,055. The bundle price includes delivery and installation. Pina also provides installation (not a separate performance obligation). Respond to the requirements related to the following independent revenue arrangements for Pina Co. On March 1, 2020, Pina sold 190 washer/dryer units without installation to Sunshine Rentals for $77,900. Sunshine is a newer customer and is unsure how this product will work in its older rental units. Pina offers a 90-day return privilege and estimates, based on prior experience with sales on this product, 8% of the units will be returned. Prepare the journal entries for the sale and related cost of goods sold on March 1, 2020. (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.) Account Titles and Explanation (To record sales) (To record cost of goods sold) Debit Credit Seashore Property Managers operates student apartment buildings. On June 1, 2020, Pina signs a contract with Seashore for 620 appliance bundles to be delivered and installed in one of its new buildings. Seashore pays 25% cash at contract signing and will pay the balance upon installation no later than August 1, 2020. Prepare journal entries for Pina on (1) June 1, 2020, and (2) August 1, 2020, 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.) No. Date Account Titles and Explanation (1) Jun. 1, 2020 (2) Aug. 1, 2020 (To record sales) (To record cost of goods sold) Debit Credit Refer to the arrangement in part (b). It would help Seashore secure lease agreements with students if the installation of the appliance bundles can be completed by July 1, 2020. Seashore offers a 10% bonus payment if Pina can complete installation by July 1, 2020. Pina estimates its chances of meeting the bonus deadline to be 80%, based on a number of prior contracts of similar scale. Repeat the requirement for part (b), given this bonus provision. Assume installation is completed by July 1, 2020. (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.) Date Account Titles and Explanation Jun. 1, 2020 Jul. 1, 2020 I (To record sales) (To record cost of goods sold) Debit Credit Pacific Rentals would like to take advantage of the bundle price for its 185-unit project; on April 1, 2020, Pina signs a contract with Pacific for 185 bundles. Under the agreement, Pina will hold the appliance bundles in its warehouses until the new rental units are ready for installation. Pacific pays 20% cash at contract signing. On May 1, 2020, Pina completes manufacture of the appliances in the Pacific bundle order and places them in the warehouse. Pina and Pacific have documented the warehouse arrangement and identified the units designated for Pacific. The units are ready to ship, and Pina may not sell these units to other customers. Prepare journal entries for Pina on (1) April 1, 2020, and (2) May 1, 2020. (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.) Date Account Titles and Explanation Apr. 1, 2020 May 1, 2020 (To record sales) (To record cost of goods sold) Debit Credit