CleanEnergy Solutions is analyzing its revenue recognition practices for the year ending December 31, 20X1. The company had the following transactions:

• January 1: Signed a contract to provide solar installation services for $500,000, with payment terms of 50% upfront and the remaining 50% upon completion in six months.
• April 1: Completed 60% of the project and received the final payment for the completed portion.
• June 30: Completed the remaining 40% of the project and recognized the remaining revenue.
• December 31: Billed $100,000 for maintenance services provided in December but not yet collected.

Required:

1. Prepare the journal entries for the revenue transactions during the year.
2. Calculate the total revenue recognized for the year ending December 31, 20X1.
3. Prepare the accounts receivable and unearned revenue balances as of December 31, 20X1.
4. Discuss the impact of the revenue recognition on the company’s financial statements and cash flow.