_{Complete the Financial Statement :}

On Dec 12, Deere sold 25 Utility Tractors to an independent dealer for a total of $625,000 on account. The Utility Tractors cost Deere $400,000 to make. All sales are also recorded with a possible sales return which are estimated for 2% of each gross sale amount.

On Dec 20, Deere entered into an agreement to supply Lowes with their newest Lawn Tractors when they are ready. Deere received $50,000 cash from Lowes for these future products but products will not be delivered until mid-October.

On Dec 31, Deere made their year-end adjustment to the Allowance for Uncollectible Accounts. Management makes the adjustment at year end estimating that the allowance for uncollectible accounts should be at 2.5% of the current balance of Accounts Receivable.