KimoCo Country Club is an exclusive country club located in North Dakota that offers a maximum of 1,000 annual memberships that it sells for $16,000 per year. Payments must be made in full at the start of the golfing season, April 1. Memberships for the next season may be reserved if paid for by December 31. Under a new policy, if payment is made by December 31, a 10% discount is allowed. The golfing season ends September 30, and the country club has a December 31 year-end. To provide cash flow for construction of an indoor pool and fitness center, the Board of Directors is also offering a 20% discount to members who pay for a 2-year membership before December 31.
For the fiscal year ended December 31, 2014, 900 memberships for 2015 were sold. Members reserved and paid for 400 single-season memberships and for 150 2-year memberships. The balance of the memberships was paid for on April 1, 2015.

Instructions
Prepare the appropriate journal entries for fiscal 2014 in connection with the advance payments for the 2015 season.