Cullumber Co. enters into a contact to sell Product A and Product B on January 2, 2020, for an upfront cash payment of $190,000. Product A will be delivered in two years (January 2, 2022) and Product B will be delivered in five years (January 2, 2025). Cullumber Co. allocates the $190,000 to Products A and B on a relative stand-alone selling price basis as follows. Product A Product B Stand-Alone Selling Prices $40,000 160,000 $200,000 Percent Allocated 20% 80% Allocated Amounts $38,000 152,000 $190,000 Cullumber Co. uses an interest rate of 5%, which is its incremental borrowing rate. Prepare the journal entries necessary on January 2, 2020, and December 31, 2020. (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 entero for the amounts. Record journal entries in the order presented in the problem.) Debit Cri Date January 2, 2020 Account Titles and Explanation Cash 190,000 Unearned Revenue December 31, 2020 Interest Expense 9500 Interest Payable List of Accounts Attempts: 1 of 1 used Prepare the journal entry needed on December 31, 2021. (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 for the amounts.) Debit Credit Date December 31, 2021 Account Titles and Explanation Interest Expense 9975 Interest Payable 9975 List of Accounts Attempts: 1 of 1 used (C) Prepare the journal entry needed on January 2, 2022. (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 for the amounts.) Account Titles and Explanation Debit Credit Date January 2, 2022 Using Excel or a financial calculator, calculate the amount of revenue to be recognized for Product B. (Round answer to 2 decimal places, e.g. 5,275.25.) Amount of revenue to be recognized $ Prepare the journal entry needed on January 2, 2025. (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 for the amounts. Round answers to O decimal places, e.g. 5,275.) Account Titles and Explanation Debit Credit Date January 2, 2025