Pronghorn Appliance Co. manufactures low-price, no-Frills appliances that are in great demand for rental units Pricing and cost information on Pronghorn's main products are as follows Standalone Selling Price (Cost) Item Refrigerator $510 ($270) Range 570 (280 Stackable washer/dryer unit: 690 (400) Customers can contract to purchase either individually at the stated prices of a three-item bundle withis price of $1.810. The bundle price includes delivery and installation. Pronghorn also provides instellation (not a separate performance obligation). Respond to the requirements related to the following independent revenue arrangements for Pronghorn Appliance Co. On June 1, 2020. Pronghorn sold 100 washer dryer units without installation to Laplante Rentals for $69.000. Laplante is a newer customer and is unsure how this product will work in its older rental units Pronghorn offers a 60-day return privilege and estimates, based on prior experience with sales on this product 4% of the units will be returned. Prepare the journal entries for the sale and related cost of goods sold on June 1 2020. (Credit account titles are quicomatically indented when the amountis entered. Do not indent manually. If no entry is required, select Nd 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) YellowCard Property Managers operates upscale student apartment buildings. On May 1 2020 Pronghorn signs a contract with YellowCard for 330 appliance bundles to be delivered and installed in one of its new buildings, Yellowcard pays 2084 cash at contract signing and will pay the balance upon installation no later than August 1, 2020 Prepare journal entries for Pronghorn on (1) May 1, 2020, and (2) August 1, 2020, when al appliances are installed credit caourties are automatically indented when the amount is entered. Do not indent manually fino entry is required select "No entry for che account dies and enter for the amounts) No. Date Account Titles and Explanation Debit Credit May 2020 Aug. (2) 1, 2020 (To record sales) (To record cost of goods sold) Refer to the arrangement in part (b). It would help Yellow Card secure lease agreements with students if the installation of the appliance bundles can be completed by July 1, 2020. Yellowcard offers a 10% bonus payment if Pronghorn can complete installation by July 1, 2020. Pronghorn estimates its chances of meeting the bonus deadline to be 9096 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 Debit Credit May 1, 2020 Jul 1, 2020 (To record sales) (To record cost of goods sold) Epic Rentals would like to take advantage of the bundle price for its 370-unit project on February 1, 2020 Pronghorn signs a contract with Epic for 370 bundles. Under the agreement Pronghorn 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 2020 Pronghorn completes manufacture of the appliances in the Epic bundle order and places them in the warehouse. Pronghorn and Epic have documented the warehouse arrangement and identified the units designated for Epid. The units are ready to ship and Pronghorn may not sell these units to other customers. Prepare journal entries for Pronghorn on (1) February 1, 2020 and 2) April 1. 2ozo. Credit account titles are automatically indented when the amount is entered. Do not inden manually maentry is required, select "No entry for the account titles and enter for the amounts.) Date Account Tities and Explanation Debit Credit Feb. 1, 2020 Apr. 1. 2020 (To record sales) (To record cost of goods sold) Pronghorn Appliance Co. manufactures low-price, no-Frills appliances that are in great demand for rental units Pricing and cost information on Pronghorn's main products are as follows Standalone Selling Price (Cost) Item Refrigerator $510 ($270) Range 570 (280 Stackable washer/dryer unit: 690 (400) Customers can contract to purchase either individually at the stated prices of a three-item bundle withis price of $1.810. The bundle price includes delivery and installation. Pronghorn also provides instellation (not a separate performance obligation). Respond to the requirements related to the following independent revenue arrangements for Pronghorn Appliance Co. On June 1, 2020. Pronghorn sold 100 washer dryer units without installation to Laplante Rentals for $69.000. Laplante is a newer customer and is unsure how this product will work in its older rental units Pronghorn offers a 60-day return privilege and estimates, based on prior experience with sales on this product 4% of the units will be returned. Prepare the journal entries for the sale and related cost of goods sold on June 1 2020. (Credit account titles are quicomatically indented when the amountis entered. Do not indent manually. If no entry is required, select Nd 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) YellowCard Property Managers operates upscale student apartment buildings. On May 1 2020 Pronghorn signs a contract with YellowCard for 330 appliance bundles to be delivered and installed in one of its new buildings, Yellowcard pays 2084 cash at contract signing and will pay the balance upon installation no later than August 1, 2020 Prepare journal entries for Pronghorn on (1) May 1, 2020, and (2) August 1, 2020, when al appliances are installed credit caourties are automatically indented when the amount is entered. Do not indent manually fino entry is required select "No entry for che account dies and enter for the amounts) No. Date Account Titles and Explanation Debit Credit May 2020 Aug. (2) 1, 2020 (To record sales) (To record cost of goods sold) Refer to the arrangement in part (b). It would help Yellow Card secure lease agreements with students if the installation of the appliance bundles can be completed by July 1, 2020. Yellowcard offers a 10% bonus payment if Pronghorn can complete installation by July 1, 2020. Pronghorn estimates its chances of meeting the bonus deadline to be 9096 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 Debit Credit May 1, 2020 Jul 1, 2020 (To record sales) (To record cost of goods sold) Epic Rentals would like to take advantage of the bundle price for its 370-unit project on February 1, 2020 Pronghorn signs a contract with Epic for 370 bundles. Under the agreement Pronghorn 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 2020 Pronghorn completes manufacture of the appliances in the Epic bundle order and places them in the warehouse. Pronghorn and Epic have documented the warehouse arrangement and identified the units designated for Epid. The units are ready to ship and Pronghorn may not sell these units to other customers. Prepare journal entries for Pronghorn on (1) February 1, 2020 and 2) April 1. 2ozo. Credit account titles are automatically indented when the amount is entered. Do not inden manually maentry is required, select "No entry for the account titles and enter for the amounts.) Date Account Tities and Explanation Debit Credit Feb. 1, 2020 Apr. 1. 2020 (To record sales) (To record cost of goods sold)