Allocate Transaction Price, Discounts, and Time Value.

Master Grill Company sells outdoor grilling products, providing gas and charcoal grills, accessories, and installation services for custom patio grilling stations.

Master Grill offers contract MG100 which is comprised of a free-standing gas grill for small patio use plus installation to a customers gas line for a total price $950.

On a standalone basis, the grill sells for $800 (cost $470).

Master Grill estimates that the fair value of the installation service (based on cost-plus estimation) is $200.

Master Grill signed 15 MG100 contracts on May 30, 2021, and customers paid the contract price in cash.

The grills were delivered and installed on June 15, 2021.

Required: Prepare journal entries for Master Grill for MG100 in May and June 2021.