Crane Esthetics Wholesalers Corporation sells various esthetics treatment tools, esthetic and spa supplies. In $2024,$ Crane Esthetics signed a two$-$year contract with

Ivanhoe College to supply it with $100$ esthetic tool and product kits for students in the college's esthetics program for each academic semester. The value of the

contract is $$226,000$ based on four academic semesters over the two$-$year period. The kits are sold for $$565$ each. The cost of the kits is $$483$ each. The college can

return any unsold kits to the company and Crane estimates a return rate of $3\%.$ Because the kits involve esthetic supplies and could potentially be contaminated,

returned kits need to be scrapped and cannot be resold. Crane shipped $100$ kits for the September $2024$ semester, $100$ kits in January $2025$ semester and another $100$

kits in September $2025$ semester. The kits are invoiced as soon as they are shipped $($at the beginning of each semester$)$ and payment is required within $30$ days. The

college returns any unsold kits in the second month of the semester. The college returned the unsold kits as follows: in October $2024,2$ kits; in February $2025,2$ kits;

and October $2025,4$ kits. A cash refund was paid for all kits returned.

Determine how much revenue Crane Esthetics would be able to recognize in $2024$ and $2025$ assuming a calendar year end.

Revenue recognized in $2024$ $

Revenue recognized in $2025$ $

Prepare the required journal entries for the contract based on your analysis in part $($a$).($Credit account titles are automatically indented when the amount is entered. Do

not indent manually. If no entry is required, select $"$No entry" for the account titles and enter $0$ for the amounts. List all debit entries before credit entries. Record journal

entries in the order presented in the problem.$)$