Waterway Ranch & Farm is a distributor of ranch and farm equipment. Its products include small tools, power equipment for trench- digging and fencing, grain dryers, and barn winches. Most products are sold direct via its company Internet site. However, given some of its specialty products, select farm implement stores carry Waterway's products. Pricing and cost information on three of Waterway's most popular products are as follows. Item Stand-Alone Selling Price (Cost) Mini-trencher $3,700 ($2,040) Power fence hole auger 1,224 ($816) Grain/hay dryer 14,260 ($11,220) Respond to the requirements related to the following independent revenue arrangements for Waterway Ranch & Farm. IFRS is a constraint. Waterway sells three grain/hay dryers to a local farmer at a total contract price of $45,500. In addition to the dryers, Waterway provides installation, which has a stand-alone sales value of $775 per unit installed. The contract payment also includes a $1,395 maintenance plan for the dryers for three years after installation. Waterway 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 Waterway. Prepare the journal entries for Waterway in 2020 related to this arrangement as well as any adjusting journal entries at its December year end. (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. Record journal entries in the order presented in the problem. Round answers to O decimal places, e.g. 5,275.) Dr 20-Jun-20 cash unearned revenue 01-Oct-20 cash unearned revenue ? sales revenue service revenue (record sales) 01-Oct-20 cost of goods sold inventory 31-Dec-20 Unearned Revenue ? Service revenue 9100 36400 33660 Cr ? ? ? 9100 33660 On April 25, 2020, Waterway ships 110 augers to Farm Depot, a farm supply dealer in Alberta, on consignment. By June 30, 2020, Farm Depot has sold 75 of the consigned augers at the listed price of $1,224 per unit. Farm Depot notifies Waterway of the sales, retains a 10% commission, and remits the cash due to Waterway. Prepare the journal entries for Waterway 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 O for the amounts. Record journal entries in the order presented in the problem.) Entries for Waterway 25-Apr-20 inventory on consignment ? inventory 30-Jun-20 cash ? ? ? (to record revenue from consignment sale) 30-Jun-20 cost of good sold ? inventory on consignment entries for Farm Depot 25-Apr-20 ? ? ? 30-Jun-20 cash ? revenue from consignment sale ? (to record revenue from consignment sale) 30-Jun-20 Account payable ? cash ? ~~