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Create and prepare the journal entries for ayayai

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Reference no: EM132475247

Point 1: Ayayai sells three grain/hay dryers to a local farmer at a total contract price of $44,000. In addition to the dryers, Ayayai provides installation, which has a standalone selling price of $1,100 per unit installed. The contract payment also includes a $1,200 maintenance plan for the dryers for 3 years after installation. Ayayai signs the contract on June 20, 2017, and receives a 20% down payment from the farmer. The dryers are delivered and installed on October 1, 2017, and full payment is made to Ayayai.

Question 1: Prepare the journal entries for Ayayai in 2017 related to this arrangement.

Reference no: EM132475247

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