Teal Appliance Co. manufactures low-price, nofrills appliances that are in great demand for rental units. Pricing and cost information on Teal's main products are as follows. Standalone Item Selling Price (Cost) $490 ($260) Refrigerator Range 570 (280) Stackable washer/dryer unit 70 (410) Customers can contract to purchase either individually at the stated prices or a three-item bundle with a price of $1,800. The bundle price includes delivery and installation. Teal also provides installation (not a separate performance obligation) Respond to the requirements related to the following independent revenue arrangements for Teal Appliance Co. On June 1, 2017, Teal sold 110 washer/dryer units without installation to Laplante Rentals for $77,000. Laplante is a newer customer and is unsure how this product will work in its older rental units. Teal omers 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 ournal entries for the sale and related cost of goods sold on June 1, 2017, (Credit account titles are automatically indented when the amount is entered. Do not indent manualy. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Cash 77,000 Sales Revenue (To record sales) Cost of Goods Sold Inventory To record cost of goods sold)