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.) Date June 20, 2020 October 1, 2020 October 1, 2020 December 31, 2020 Account Titles and Explanation Cash Unearned Revenue Cash Unearned Revenue Sales Revenue Service Revenue (To record sales and installation revenue) Cost of Goods Sold Inventory (To record cost of goods sold) Unearned Revenue Service Revenue Debit 9100 36400 2325 33660 9100