Refer to the information in BE8–6. Determine the financial statement effects of (1) the collection of the down payment on December 18 and (2) the delivery of inventory and collection of remaining cash on January 23.

Data from in BE8-6

On December 18, Intel receives $260,000 from a customer as down payment on a total sale of $2.6 million for computer chips to be completed on January 23. On January 23, the computer chips were delivered and the remaining cash was received from the customer. What journal entries should Intel record on December 18 and January 23? Assume Intel uses the perpetual inventory system, and the computer chips had a total production cost of $1.6 million.