(To record payment received) (To record sales) (To record cost of goods sold) Current Attempt in Progress Shamrock 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 Shamrock's products. Pricing and cost information on three of Shamrock's most popular products are as follows. Respond to the requirements related to the following independent revenue arrangements for Shamrock Ranch \& Farm. On April 25, 2020, Shamrock ships 110 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 $1,300 per unit. Farm Depot notifies Shamrock of the sales, retains a 10% commission, and remits the cash due Shamrock. Prepare the journal entries for Shamrock and Farm Depot for the consignment arrangement. (Credit occount titles ore outomatically indented when the omount is entered. Do not indent manually. If no entry is required, select "No entry" for the occount titles and enter 0 for the amounts.) (To record cost of sales) Entries for Farm Depot (To record consignment sales) (To record payment) Question 4 of 6 (To record sales) (To record cost of goods sold) eTextbook and Media List of Accounts Save for Later Attempts: 0 of 5 used Submit Answer On August 10,2020, Shamrock sells 15 mini-trenchers to a farm co-op in western Minnesota on account. Shamrock provides a 4% volume discount on the mini-trenchers if the co-op has a 15% increase in purchases from Shamrock compared to the prior year. Given the slowdown in the farm economy, sales to the co-op have been flat, and it is highly unlikely that the benchmark will be met. Prepare the journal entry for Shamrock 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.) On January 1,2020. Shamrock sells 30 augers to Mills Farm \& Fleet for $39,000. Mills signs a 6-month note at an annual interest rate of 12%. Shamrock allows Mills to return any auger that it cannot use within 50 days and receive a full refund, Based on prior experience, Shamrock estimates that 5% of units sold to customers like Mills will be returned (using the most likely outcome approach). Shamrock's 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 Shamrock 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 O for the omounts) Shamrock selis three grain/hay dryers to a local farmer at a total contract price of $45,400. In addition to the dryers, Shamrock provides installation, which has a standalone selling price of $1,100 per unit installed. The contract payment also includes a $1.200 maintenance plan for the dryers for 3 years after installation. Shamrock 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 Shamrock. Prepare the journal entries for Shamrock in 2020 related to this arrangement. (Credit account titles are outomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account tities ond enter of for the amounts Round answers to 0 decimal places, e\& 5.275.)
