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Arrow Co. entered into a contract with a customer for $480,000. The contract is for the delivery of equipment and a 3-year service maintenance contract for the equipment. Arrow sells separately the equipment for a selling price of $458,000, and the maintenance contract for three years for $107,800. The equipment was delivered on 1 June 1 20X1. Arrow has a 30 November year-end. Required: Prepare the journal entries required to record the revenue related to this contract during the period 1 June 20X1 to 30 November 20X1. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round percentage answers to nearest whole percent. Round final answer to the nearest whole dollar.) View transaction list Journal entry worksheet 2 Record the contract for delivery of equipment. Arrow Co. entered into a contract with a customer for $480,000. The contract is for the delivery of equipment and a 3-year service maintenance contract for the equipment. Arrow sells separately the equipment for a selling price of $458,000, and the maintenance contract for three years for $107,800. The equipment was delivered on 1 June 1 20X1. Arrow has a 30 November year-end. Required: Prepare the journal entries required to record the revenue related to this contra ct during the period 1 June 20X1 to 30 November 20X1. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round percentage answers to nearest whole percent. Round final answer to the nearest whole dollar.) View transaction list Journal entry worksheet 2 Record the liability related to the contract. Arrow Co. entered into a contract with a customer for $480,000. The contract is for the delivery of equipment and a 3-year service maintenance contract for the equipment. Arrow sells separately the equipment for a selling price of $458,000, and the maintenance contract for three years for $107,800. The equipment was delivered on 1 June 1 20X1. Arrow has a 30 November year-end. Required: Prepare the journal entries required to record the revenue related to this contract during the period 1 June 20X1 to 30 November 20X1. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round percentage answers to nearest whole percent. Round final answer to the nearest whole dollar.) No Date General Journal Debit Credit 1 1 June 20X1 Accounts receivable 480,000 Revenue-Equipment 390,167 Contract liability 89,833 ( 30 November 20X1 Contract liability 2 17,967 Revenue-Maintenance contract 17,967

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