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Pina Windows manufactures and sells custom stormwindows for three-season porches Pina also provides installation service for the windows. The installation process does not involve changes

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Pina Windows manufactures and sells custom stormwindows for three-season porches Pina also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Pina enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,420 and chooses Pina to do the installation. Pina charges the same price for the windows irrespective of whether it does the installation or not The customer pays Pina $1.920 (which equals the standalone selling price of the windows, which have a cost of $1100) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020. Pina completes installation on October 15, 2020, and the customer pays the balance due Part 1 Pina estimates the standalone selling price of the installation based on an estimated cost of 5440 plus a margin of 20% on cost Prepare the journal entries for Pina in 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 for the amounts. Round answer to O decimal places, eg. 5,125) Account Titles and Explanation Debit Credit (To record contract entered into) To record sales (To record sales) (To record cost of goods sold) (To record payment received) Part 2 Given uncertainty of finding skilled labor, Pina is unable to develop a reliable estimate for the standalone selling price of the installation Prepare the journal entries for Pina in 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 for the amounts) Account Titles and Explanation Debit Credit (To record sales) (To record cost of goods sold)

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