2 of 3 View Policies Current Attempt in Progress Nash Ltd. sells goods that cost 314,000 to Ricard Company for 411,500 on January 2, 2022. The sales price includes an installation fee, which has a standalone selling price of 37,000. The standalone selling price of the goods is 374,500. The installation is considered a separate performance obligation and is expected to take 6 months to complete. (a) Prepare the journal entries (if any) to record the sale on January 2, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Jan 2, 2022 Jan. 2, 2022 (To record sales on account) Debit Credit ment 2 SP22 Question 2 of 3 Jan. 2, 2022 < (To record sales on account) (To record cost of goods sold) -/7 E ! (b) Nash prepares an income statement for the first quarter of 2022, ending on March 31, 2022 (installation was completed on June 18, 2022). How much revenue should Nash recognize related to its sale to Ricard? First Quarter Sales Revenue eTextbook and Media