RECOMMENDED!!AC 302 – On October 1, 2017,Vaughn Inc. entered into a contract to sell a custom van

  

On October 1, 2017,Vaughn Inc. entered into a contract to sell a custom van to Smith Tours for $42,300. Under the contract, Smith is to payVaughn $4,600 on October 10, 2017 and pay the remainder of the purchase price upon delivery (scheduled for October 31, 2017). Smith makes the $4,600 payment in a timely manner.Vaughn delivers the van (with cost of $32,800) on October 31, 2017.

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