4. Imagine that Smith Instruments has entered into a sales and service contract with ACME Co. The details of the contract call for the delivery of 18,000 sensors delivered in monthly increments over FY 2019 with calibration service through fiscal year 2022 and warranty replacement for the same time period. The contract is valued at $1.5m and calibration and it warranty work is allocated to be 10% of the contract value. Smith will bill ACME every month and requires payment in 60 days. Assuming that the contract starts on July 1, 2018 and delivery commences on August 1, 2018: a. What is the value remaining on the contract on February 1, 2019? b. What is the amount of sales from July 1, 2018 through the end of January 2019? c. What is the amount of receivables outstanding on February 1, 2019? d. What is the remaining value on the contract on March 1, 2020? e. What is the amount of prepaid income remaining on December 31, 2021? 4. Imagine that Smith Instruments has entered into a sales and service contract with ACME Co. The details of the contract call for the delivery of 18,000 sensors delivered in monthly increments over FY 2019 with calibration service through fiscal year 2022 and warranty replacement for the same time period. The contract is valued at $1.5m and calibration and it warranty work is allocated to be 10% of the contract value. Smith will bill ACME every month and requires payment in 60 days. Assuming that the contract starts on July 1, 2018 and delivery commences on August 1, 2018: a. What is the value remaining on the contract on February 1, 2019? b. What is the amount of sales from July 1, 2018 through the end of January 2019? c. What is the amount of receivables outstanding on February 1, 2019? d. What is the remaining value on the contract on March 1, 2020? e. What is the amount of prepaid income remaining on December 31, 2021