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ABC 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 catalogue and internet site. However, given some of its speciality products, select farm implement stores carry ABC's products. Pricing and cost information on three of ABC's most popular products are as follows
ITEM Standalone selling price (cost)
Mini - trencher $3,600 ($2,000)
Power fence hole auger $1,200 ($800)
Grain/hay dryer $14,000 ($11,000)
Required:
Problem 1: Prepare the journal entry for ABC on August 10,2019.
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