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Problem 18-05 (Part Level Submission) Vaughn Ranch & Farm 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 Vaughn's products. Pricing and cost information on three of Vaughn's most popular products are as follows. Item Mini-trencher Power fence hole auger Grain/hay dryer Standalone Selling Price (Cost) $ 3,200 ($2,100) 1,100 (800) 14,100 (10,100) Respond to the requirements related to the following independent revenue arrangements for Vaughn Ranch & Farm. (C) Vaughn sells three grain/hay dryers to a local farmer at a total contract price of $45,600. In addition to the dryers, Vaughn provides installation, which has a standalone selling price of $1,000 per unit installed. The contract payment also includes a $1,200 maintenance plan for the dryers for 3 years after installation. Vaughn 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 Vaughr Prepare the journal entries for Vaughn in 2020 related to this 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. Round answers to o decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Jun. 20, 2020 (To record payment received) (To record sales) (To record cost of goods sold) Problem 18-05 (Part Level Submission) Vaughn Ranch & Farm 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 Vaughn's products. Pricing and cost information on three of Vaughn's most popular products are as follows. Item Mini-trencher Power fence hole auger Grain/hay dryer Standalone Selling Price (Cost) $ 3,200 ($2,100) 1,100 (800) 14,100 (10,100) Respond to the requirements related to the following independent revenue arrangements for Vaughn Ranch & Farm. (C) Vaughn sells three grain/hay dryers to a local farmer at a total contract price of $45,600. In addition to the dryers, Vaughn provides installation, which has a standalone selling price of $1,000 per unit installed. The contract payment also includes a $1,200 maintenance plan for the dryers for 3 years after installation. Vaughn 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 Vaughr Prepare the journal entries for Vaughn in 2020 related to this 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. Round answers to o decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Jun. 20, 2020 (To record payment received) (To record sales) (To record cost of goods sold)