Colbert sells 3-D printers along with a number of retail items. The package price and stand-alone selling prices of each item are as follows. The printer and stand are often sold as a bundle with the bundling discount noted below. Item Stand-Alone Selling Price Price When Bundled Bundling Discount 3-D printer (cost $4,000) $5,000 $4,500 $500 Custom stand (cost $200) 450 450 0 Special 3-D plastic (cost $135) 175 175 0 Total for bundle $5,625 $5,125 $500 Due to the timing of the deliverythe plastic is delivered six months after the printer is delivered to the customerColbert chooses to account for two performance obligations: (1) the printer and stand, and (2) the plastic. Prepare the journal entries for Colbert on March 1, 2020, when Colbert receives $51,250 for the sale of 10 printer bundles, and September 1, 2020, when the plastic are delivered to customers.