Sarasota Co. manufactures low-price, no-frills appliances that are in great demand for rental units. Pricing and cost information on Sarasota main products are as follows. Item Refrigerator Range Stackable washer/dryer unit Standalone Selling Price (Cost) $440 ($360) 295 (170) 415 (200) Customers can contract to purchase either individually at the stated prices or a three-item bundle with a price of $1,050. The bundle price includes delivery and installation. Sarasota also provides installation (not a separate performance obligation). Respond to the requirements related to the following independent revenue arrangements for Sarasota Co. Pacific Rentals would like to take advantage of the bundle price for its 190-unit project: on April 1, 2020, Sarasota signs a contract with Pacific for 190 bundles. Under the agreement, Sarasota will hold the appliance bundles in its warehouses until the new rental units are ready for installation Pacific pays 20% cash at contract signing On May 1, 2020. Sarasota completes manufacture of the appliances in the Pacific bundle order and places them in the warehouse. Sarasota and Pacific have documented the warehouse arrangement and identified the units designated for Pacific. The units are ready to ship, and Sarasota may not sell these units to other customers. Prepare journal entries for Sarasota on (1) April 1, 2020, and (2) May 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 Apr 1, 2020 May 1, 2020 (To record sales) (To record cost of goods sold)