Cool-IT Ltd. manufactures and sells air conditioning equipment to retailers across North America. In 2020, Cool-IT signed a two-year contract with BigMart Ltd. to supply it with 62,100 units at a price of $78 per unit. Cool-IT's cost to manufacture these units is $50. The following schedule summarizes the production, delivery, and payments in relation to the contract. Production costs are recorded to inventory: Air conditioning units delivered Production costs incurred Cash payments received 2020 37,900 $1,895,000 $2,542,200 2021 24,200 $1,210,000 $1,995,600 Total 62,100 $3,105,000 $4,537,800 (al) Your answer is correct. Determine how much revenue Cool-IT would be able to recognize in 2020 and 2021. Revenue recognized in 2020 2,956,200 Revenue recognized in 2021 J 1,887,600 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Attempts: 1 of 2 used (b) Prepare the required summary journal entries for the contract based on your analysis in part "a." (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.) Date Account Titles and Explanation Debit Credit 2020 (To record sales revenue) (To record cost of goods sold) (To record collections on account) 2021 (To record sales revenue) (To record cost of goods sold) (To record collections on account)