A customer, Eagle Electronics (hereafter, "EE"), approaches MM about building a marketing campaign to advertise its new electronic rental division. EE has a verbal agreement with MM based on MM's signed quote to EE on May 31, 2022, for one video commercial, one podcast advertisement, and one social media campaign. The agreement creates enforceable rights and obligations under MM's customary business practices, which include payment for performance completed to date if EE cancels the contract for any reason other than MM's failure to perform under the contract as promised. None of these items can be redirected by MM to apother customer. MM performed a credit check on EE and determined that EE has the intention and ability to pay MM for fulfilling its portion of the contract. EE paid \$47,500 on May 31, 2022, pursuant to the agreement. From the date of the quote, it takes MM six months to develop and produce the video commercial, three months to complete a podcast advertisement, and one month to complete the social media campaign. MM works on each project simultaneously. At the fiscal year-end, MM is on target with this production schedule. MM does not think the social media campaign will result in at least 500,000 times in the first month because EE's customer base tends to be passive social media users. According to ASC 606-10-25-23 and 25-24, a business should recognize revenue when (or as) it satisfies the performance obligations and must determine at contract inception whether it satisfies the performance obligations over time or at a point in time. For all performance obligations, MM decided at the time of the contract that it should not recognize revenue until each obligation is complete (i.e., the performance obligation is satisfied at a point in time). What journal entry should MM record for the payment received on May 31,2022. As of the fiscal year end, which is June 30, 2022, should MM record any additional journal entries related to this contract? Why or why not? If so, what would these journal entries be