Problem 18-4 (Part Level Submission) Crane Appliance Co. manufactures low-price, nofrills appliances that are in great demand for rental units. Pricing and cost information on Crane's main products are as follows. Item Refrigerator Range Stackable washer/dryer unit Standalone Selling Price (Cost) $490 ($260 ) 570 (280) 690 (410) Customers can contract to purchase either individually at the stated prices or a three-item bundle with a price of $1,790. The bundle price includes delivery and installation. Crane also provides installation (not a separate performance obligation). Respond to the requirements related to the following independent revenue arrangements for Crane Appliance Co. (d) Epic Rentals would like to take advantage of the bundle price for its 370-unit project; on February 1, 2017, Crane signs a contract with Epic for 370 bundles. Under the agreement, Crane will hold the appliance bundles in its warehouses until the new rental units are ready for installation. Epic pays 10% cash at contract signing. On April 1, 2017, Crane completes manufacture of the appliances in the Epic bundle order and places them in the warehouse. Crane and Epic have documented the warehouse arrangement and identified the units designated for Epic. The units are ready to ship, and Crane may not sell these units to other customers. Prepare journal entries for Crane on (1) February 1, 2017, and (2) April 1, 2017. (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 0 for the amounts.) Date Account Titles and Explanation Debit Credit Feb. 1, 2017 Apr. 1, 2017 (To record sales) (To record cost of goods sold)