1.P³ sells both party packages and individual party supplies and components. On May 1, Vaccine Sent Covid Packing (VSCP), Inc, a large conglomerate in the surrounding metropolitan area, hired P³ to provide a celebratory event on July 1, 2021 for the return to work of the company's entire staff. The celebration will be outside, will include employees and their families, and the goal is to provide a carnival like atmosphere. The contract stipulates an agreed upon price of $2,600,000 to be paid one-fourth up front, one-fourth on the day of the event and the remainder within 30 days. This fee is for equipment rental, setup and removal, operation of the rides and games, and catering. Each of these could be purchased by VSCP from various companies. P³ sells each of these services separately for the following cost (based on the number of people VSCP is having): record the journal entries

Equipment/game booth rental$990,000

Equipment/game booth setup and removal200,000

Ride and game operators450,000

Catering800,000