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Question 2 (30 points) SuperBus Transportation provides on-campus bus services for universities. On January 1,...

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Question 2 (30 points) SuperBus Transportation provides on-campus bus services for universities. On January 1, it enters into a one- year contract with Whitehead University to operate five bus lines traveling throughout the campus. Under the contract, SuperBus will be paid $100,000 on the last day of each month. In addition, SuperBus will receive an additional $120,000 at the end of each six-month period, provided it remains free of accidents. . . On January 1, based on historical experience, SuperBus estimated that there is a 75% chance that it will remain free of accidents for the entire year. On March 20, three of the most senior drivers at SuperBus abruptly left. As a result, SuperBus had to hire inexperienced drivers to fill the vacant positions. Consequently, SuperBus revised its estimate to a 30% chance that it would earn the semiannual bonus. On June 30, Whitehead confirmed that there was no accident between January and June, so SuperBus would be entitled to the semiannual bonus. SuperBus bases estimates of variable consideration on the expected value it expects to receive. . Required: Prepare SuperBus' journal entries to account for the revenue earned for January, February and March

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