Answer Happy

Lift-It Equipment Company (LEC) specializes in equipment for
warehouses. LEC offers forklifts, self-propelled elevated
work platforms, and offers an optional two-year maintenance
agreement on the equipment that it sells. The equipment and
the maintenance agreements can be purchased individually, or as a
package. Each sales order is customized to the needs of the
customer. On August 1, 2021, LEC sold a forklift, a
self-propelled elevated work platform, and a two-year maintenance
agreement to Storage Solutions Inc, for a price of $32,000, with
payment due on November 1, 2021. The maintenance coverage
term would commence when the equipment was delivered. The
equipment was delivered to Storage Solutions Inc. on October 1, and
the payment received on November 1. If each component had
been purchased separately, the price would have been:
Forklift: Sales price $30,000; Cost $20,000
Self-propelled elevated work platform: Sales price $6,000; Cost
$4,200
Maintenance agreement: Sales price $4,000; Cost dependant
on services needed
Required:
Provide the journal entries related to this sale for the year
2021, assuming LEC has a December 31 year end. Round all
entries to the nearest dollar.