Cullumber Corp. designs and builds custom harvesting equipment for logging companies across Canada. The company, which is publicly traded, has a May 31 year end. On February 18,2024, Cullumber signed a contract with Oriole Harvesting Ltd. to design and build 25 custom harvesters that can harvest wood at the steep grades found along many of the Pacific Coast timber stands included in Oriole's harvesting leases. The following events took place in 2024 in relation to the contract: 1. February 18: Officials from Cullumber and Oriole sign the contract. The contract was for $5.6 million. Cullumber is to design, manufacture, and deliver the 25 machines to Oriole's operations centre in Duncan, British Columbia. Cullumber's management estimates that the design component of the contract would be valued at $559,000 if contracted for separately, while the machine construction component of the contract would be valued at $5.5 million if the machines were purchased separately. Cullumber agrees to provide a three-year assurance-type warranty for the machines, and the company's management estimates that the warranty claims would total $228,000 based on past experience. Oriole agrees to pay a $1,370,000 deposit within 10 days of signing the contract and to pay the balance within 15 days of the equipment being delivered. 2. February 25 : Oriole pays the deposit specified in the contract. 3. March 28: Cullumber's engineering staff complete the equipment design and it is approved by officials from Oriole. 4. May 18: Cullumber completes construction of the 25 harvesters. 5. May 20: The 25 harvesters are loaded onto Cullumber's trucks and are delivered to Oriole's operation centre in Duncan later that day. 6. June 2: Oriole pays the balance owing on the contract. Prepare Cullumber's required journal entries for all of the dates appearing above along with any other necessary 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 0 for the amounts. List all debit entries before credit entries. Round answers to 0 decimal places, e.g. 125.)