Problem 18-5 (Part Level Submission) Sweet Ranch & Pharoah 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 Sweet's products. Pricing and cost information on three of Sweet's most popular products are as follows. Standalone Selling Price (Cost) Item Mini-trencher Power fence hole auger Grain/hay dryer $3,200 $2,100 ) 1,100(8 14,100 (10,100 00) Respond to the requirements related to the following independent revenue arrangements for Sweet Ranch & Pharoah. (b) On August 10, 2017, Sweet sells 17 mini-trenchers to a farm co-op in western Minnesota. Sweet provides a 4% volume discount on the mini-trenchers if the co- op has a 15% increase in purchases from sweet compared to the prior year. Given the slowdown in the farm economy, sales to the co-op have been flat, and it is highly uncertain that the benchmark will be met. Prepare the journal entry for Sweet on August 10, 2017. (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. Round intermediate calculations to 6 decimal places, e.g. 1.246576 and final answers to 0 decimal places, e.g. 5,125.) Account Titles and Explanation Debit Credit To record sales) (To record cost of goods sold) Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS NK 10 IEXI LINK 1O By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor