Problem 18-8 Presented below are two independent revenue arrangements for Marigold Company. Respond to the requirements related to each revenue arrangement. Marigold sells 3D printer systems. Recently, Marigold provided a special promotion of zero-interest financing for 2 years on any new 3D printer system. Assume that Marigold sells Lyle Cartright a 3D system, receiving a $5,900 zero- interest-bearing note on January 1, 2017. The cost of the 3D printer system is $4,720. Marigold imputes a 6% interest rate on this zero-interest note transaction. Prepare the journal entry to record the sale on January 1, 2017, and compute the total amount of revenue to be recognized in 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 o for the amounts. Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to o decimal places e.g. 58,971.) Account Titles and Explanation Debit Notes Receivable 5900 Credit Discount on Notes Receivable 649.59 Sales Revenue 5250.41 (To record sales) Cost of Goods Sold Inventory (To record cost of goods sold) 4720 Marigold sells 20 nonrefundable $90 gift cards for 3D printer paper on March 1, 2017. The paper has a standalone selling price of $90 (cost $72). The gift cards expiration date is June 30, 2017. Marigold estimates that customers will not redeem 10% of these gift cards. The pattern of redemption is as follows. March 31 April 30 June 30 Redemption Total 50 % 80 85 Prepare the 2017 journal entries related to the gift cards at March 1, March 31, April 30, and June 30. (Credit account titles are automatically indented when the amount is entered. Do not indent manuany. It no ent is required, select "No entry" for the account titles and enter o for the amounts. Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971.) Date Account Titles and Explanation Debit Credit Mar. 1, 2017 Cash Deferred Gross Profit Mar 31, 2017 Deferred Gross Profit Sales Revenue (To record sales) Cost of Goods Sold Taunton Policy CALCULATUR (To record sales of cards redeemed) (To record cost of goods sold) Jun 30, 2017 (To record sales of cards redeemed) Sales Revenue (To record cost of goods sold) Cash Sales Revenue (To record sales of cards not redeemed) Click if you would like to Show Work for this question: Open Show Work