Whispering sells three grain/hay dryers to a local farmer at a total contract price of $ 42,400. In addition to the dryers, Whispering provides installation, which has a standalone selling price of $ 1,000 per unit installed. The contract payment also includes a $ 1,300 maintenance plan for the dryers for 3 years after installation. Whispering 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 Whispering. Prepare the journal entries for Whispering in 2020 related to this arrangement.
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Whispering sells three grain/hay dryers to a local farmer at a total contract price of $ 42,400. In...
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