Company sells outdoor grilling products, providing gas and charcoal grills, accessories, and installationservices for custom patio grilling stations.Required:Respond to the requirements related to the following independent revenue arrangements for XYZproducts and services.A$.$ XYZ offers contract MG$100$ which is comprised of a free$-$standing gas grill for small patio use plusinstallation to a customers gas line for a total price $$700.$ On a standalone basis, the grill sells for$$600($cost $$350),$ and XYZ estimates that the fair value of the installation service $($based on cost$-$plus estimation$)$ is $$150.$ XYZ signed $15$ MG$100$ contracts on May $30,2015,$ and customers paidthe contract price in cash. The grills were delivered and installed on June $15,2015.$Prepare the necessary journal entries for XYZ for MG$100$ in May $30,2015.$B$.$ XYZ sells its specialty combination gas$/$wood$-$fired grills to local restaurants. The company isoffering a $5\%$ volume discount on purchases above $5.$ On February $1,2019,$ the company signed acontract with a local restaurant to deliver $3$ grills on March $31,2019,$ with a promise from therestaurant to purchase additional $3$ by year end. The company believes that the restaurant willhonor their commitment for the additional purchase. Each grill is sold for $$900($cost $$500).$Assuming the grills are delivered on time, prepare the necessary journal entries to record thesigning of the contract on February $1$ and the delivery of the grills on March $31.$C$.$ XYZ is giving its customers a promotional offer package, where customers can buy its famousgas$/$wood$-$fired grills and a four$-$year subscription to the companys famous grill lessons servicefor a total price of $$400.$ The subscription to the grill lessons service is payable into equalinstallments of $$75$ at the end of each year $(31/12).$ There is also an upfront payment of $$32$ onthe date of signing the contract. The standalone price of the grill lessons service is $$270$whereas the standalone price of the gas$/$wood$-$fired grills is $$230.$ Assume an interest rate of$10\%.$ The delivery of the gas$/$wood$-$fired grills is made on the date of signing the contract. Thegrills cost XYZ $$160$ per unit. On $01/01/2017,$ XYZ signed $50$ contracts with customers.a$.$ Prepare the necessary journal entry on $01/01/2017$ to record the signing of thecontracts.b$.$ Calculate the total amount of revenue that would be reported in Garmins IncomeStatement of $2018$ in relation to the above scenario.