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The entity is in the landscaping business. On May 1, 2020, it sold a 10-year maple tree for $1,000 and promised to replace it (maximum once) if it dies over the next 6 months. The tree had a carrying value of $200. The entity has similar trees in its inventory if it ever needs to be replaced. They all have the same carrying value. About 25% of the trees die in the next 6 months.
Required:
Problem 1: Provide the journal entries of May 1, 2020
Problem 2: Provide the journal entry assuming that the tree was replaced on September 1, 2020
Problem 3: Provide the journal entry of November 1, 2020, assuming that the tree did not have to be replaced
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