2 po On January 1, 20x1, Quenneville Corporation sold equipment to Wirts, Inc, for $500,000. The equipment had cost $300.000 to manufacture. The contract with Wirtz requires Quenneville to provide complete maintenance and repair services on the equipment for five years. Quenneville's cost to provide the services are $10,000 per year. Quenneville sells the five year maintenance and repair Services contracts separately for $90,000. Quenneville uses the residunt approach to allocate the $500,000 transaction price between the two performance obligations delivery of the equipment and the maintenance and repair services Required: OLSTAD 1. What amount of revenue does Quenneville report in 20X1? 2. What amount of earnings before taxes does Quenneville report in 2017 ence 1. Total revenue recognized 2. Emmings before taxes