b?

Application Problem 4-5A a1, b-c (Part Level Submission) Cool-IT Ltd. manufactures and sells air conditioning equipment to retailers across North America. In 2020, Cool-IT signed a two-year contract with BigMart Ltd. to supply it with 64,800 units at a price of $72 per unit. Cool-IT's cost manufacture these units is $53. The following schedule summarizes the production, delivery, and payments in relation to the contract. Production costs are recorded to inventory: Total 2020 2021 Air conditioning units delivered 23,700 41,100 64,800 Production costs incurred $2,178,300 $1,256,100 $3,434,400 Cash payments received $2,540,200 $1,838,400 $4,378,600 (a1) Your answer is correct Determine how much revenue Cool-IT would be able to recognize in 2020 and 2021 Revenue recognized in 2020 2,959,200 Revenue recognized in 2021 1,706,400 (b) Prepare the required summary journal entries for the contract based on your analysis in part "a." (Credit account titles are automatically indented when amount is entered, Do not indent manually. If no entry is required, selec "No Entry" for the account titles and enter 0 for the amounts.) Debit Date Account Titles and Explanation Credit 2020 (To record sales revenue) (To record cost of goods sold) (To record collections on account) 2021 (To record sales revenue) (To record cost of goods sold) (To record collections on account)