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. Seashore Property Managers operates student apartment buildings. On June 1, 2020, Sarasota signs a contract with Seashore for 580 appliance bundles to be delivered and installed in one of its new buildings. Seashore pays 25% cash at contract signing and will pay the balance upon installation no later than August 1, 2020. Prepare journal entries for Sarasota on (1) June 1, 2020, and (2) August 1, 2020, when all appliances are installed. (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 for the amounts.) No. Date Account Titles and Explanation Debit Credit (1) Jun 1, 2020 (2) Aug. 1, 2020 (To record sales) (To record cost of goods sold) Refer to the arrangement in part (b). It would help Seashore secure lease agreements with students if the installation of the appliance bundles can be completed by July 1, 2020. Seashore offers a 10% bonus payment if Sarasota can complete installation by July 1, 2020. Sarasota estimates its chances of meeting the bonus deadline to be 80%, 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 for the amounts.) Date Account Titles and Explanation Debit Credit Jun. 1, 2020 Jul. 1, 2020 (To record sales) (To record cost of goods sold)