CLO5- On July 31,Jordan Company contracted to have two products built 1 by Palestine Manufacturing for a total of JOD370,000. The contract specifies that payment will only occur after both products have been transferred to Jordan Company. Palestine determines that the standalone prices are JOD200,000 for Product 1 and JOD170,000 for Product 2. On August 1, when Product 1 has been transferred, Palestine's journal entry to record this event includes a debit to Accounts Receivable for JOD170,000. debit to Contract Assets for JOD200,000. debit to Accounts Receivable for JOD 200,000. debit to Contract Assets for JOD170,000