Q4, no paper answers please.
Headland Ranch \& Farm is a distributor of ranch and farm equipment. Its products range from small tools, power equipment for trench-digging and fencing, grain dryers, and barn winches. Most products are sold direct via its company catalog and Internet site. However, given some of its specialty products, select farm implement stores carry Headland's products. Pricing and cost information on three of Headland's most popular products are as follows. Respond to the requirements related to the following independent revenue arrangements for Headland Ranch \& Farm. Headland sells three grain/hay dryers to a local farmer at a total contract price of $40,800. In addition to the dryers, Headland provides installation, which has a standalone selling price of $900 per unit installed. The contract payment als includes $1,200 maintenance plan for the dryers for 3 years after installation. Headland signs the contract on June 20, 2020, and receives a 20% down payment from the farmer. The dryers are delivered and installed on October 1, 2020, and full payment is made to Headland. Prepare the journal entries for Headland in 2020 related to this arrangement. (Credit account titles are automatically indented when the amount is entered. Do not indent manully. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.) (IU I Elui u payeil I eleiveu) (To record sales) (To record cost of goods sold) On April 25, 2020, Headland ships 100 augers to Farm Depot, a farm supply dealer in Nebraska, on consignment. By June 30 , 2020, Farm Depot has sold 50 of the consigned augers at the listed price of $1,200 per unit. Farm Depot notifies Headland of the sales, retains a 10% commission, and remits the cash due Headland. Prepare the journal entries for Headland and Farm Depot for indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Entries for Farm Depot (To record consignment sales) (To record payment) eTextbook and Media Headland Ranch \& Farm is a distributor of ranch and farm equipment. Its products range from small tools, power equipment for trench-digging and fencing, grain dryers, and barn winches. Most products are sold direct via its company catalog and Internet site. However, given some of its specialty products, select farm implement stores carry Headland's products. Pricing and cost information on three of Headland's most popular products are as follows. Respond to the requirements related to the following independent revenue arrangements for Headland Ranch \& Farm. Headland sells three grain/hay dryers to a local farmer at a total contract price of $40,800. In addition to the dryers, Headland provides installation, which has a standalone selling price of $900 per unit installed. The contract payment als includes $1,200 maintenance plan for the dryers for 3 years after installation. Headland signs the contract on June 20, 2020, and receives a 20% down payment from the farmer. The dryers are delivered and installed on October 1, 2020, and full payment is made to Headland. Prepare the journal entries for Headland in 2020 related to this arrangement. (Credit account titles are automatically indented when the amount is entered. Do not indent manully. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.) (IU I Elui u payeil I eleiveu) (To record sales) (To record cost of goods sold) On April 25, 2020, Headland ships 100 augers to Farm Depot, a farm supply dealer in Nebraska, on consignment. By June 30 , 2020, Farm Depot has sold 50 of the consigned augers at the listed price of $1,200 per unit. Farm Depot notifies Headland of the sales, retains a 10% commission, and remits the cash due Headland. Prepare the journal entries for Headland and Farm Depot for indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Entries for Farm Depot (To record consignment sales) (To record payment) eTextbook and Media
