Baldi Piano manufactures customized pianos for concert halls. On July 1, 2017, Baldi signed a contract to deliver a concert piano for $150,000, with a payment to be received 30 days after delivery of the piano Under the contract, Baldi is also obligated to provide a one-year maintenance service. If sold separately, the piano and the maintenance service would have cost $140,000 and $20,000, respectively. On July 14 2017, Baldi delivers the piano and transfers over the title of the piano.

Required:

a. Identify each performance obligation's share (in dollars) of the contract revenue

b. Write the journal entries to record the sale.Be sure to indicate the date of the journal entry.

c. Write the journal entries for August 142017 when payment is received.