Cheyenne Company sells goods that cost $487,500 to Norris Company for $586,500 on January 2, 2020. The sales price includes an installation fee, which is valued at $57,000. The fair value of the goods is $529,500. The installation is considered a separate performance obligation and is expected to take 6 months to complete. Prepare the journal entries (if any) to record the sale on January 2, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter O for the amounts.) Debit Credit Date Account Titles and Explanation Jan. 2, 2020 (To record sales on account) Jan. 2. 2020 (To record cost of goods sold) Cheyenne prepares an income statement for the first quarter of 2020, ending on March 31, 2020 (installation was completed on June 18, 2020). How much revenue should Cheyenne recognize related to its sale to Norris? First Quarter Sales Revenue $