Swifty 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 Swiftys products. Pricing and cost information on three of Swiftys most popular products are as follows.

On January 1, 2020, Swifty sells 30 augers to Mills Farm & Fleet for $33,000. Mills signs a 6-month note at an annual interest rate of 12%. Swifty allows Mills to return any auger that it cannot use within 60 days and receive a full refund. Based on prior experience, Swifty estimates that 5% of units sold to customers like Mills will be returned (using the most likely outcome approach). Swiftys costs to recover the products will be immaterial, and the returned augers are expected to be resold at a profit. Prepare the journal entry for Swifty on January 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 0 for the amounts.)

On August 10, 2020, Swifty sells 16 mini-trenchers to a farm co-op in western Minnesota on account. Swifty provides a 4% volume discount on the mini-trenchers if the co-op has a 15% increase in purchases from Swifty compared to the prior year. Given the slowdown in the farm economy, sales to the co-op have been flat, and it is highly uncertain that the benchmark will be met. Prepare the journal entry for Swifty on August 10, 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 0 for the amounts.)

Swifty sells three grain/hay dryers to a local farmer at a total contract price of $46,000. In addition to the dryers, Swifty provides installation, which has a standalone selling price of $1,100 per unit installed. The contract payment also includes a $1,100 maintenance plan for the dryers for 3 years after installation. Swifty 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 Swifty. Prepare the journal entries for Swifty in 2020 related to this arrangement. (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 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.)

On April 25, 2020, Swifty ships 110 augers to Farm Depot, a farm supply dealer in Nebraska, on consignment. By June 30, 2020, Farm Depot has sold 60 of the consigned augers at the listed price of $1,100 per unit. Farm Depot notifies Swifty of the sales, retains a 10% commission, and remits the cash due Swifty. Prepare the journal entries for Swifty and Farm Depot for the consignment arrangement. (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 0 for the amounts.)

Entries for Farm Depot (To record consignment sales) (To record payment)