CuttingEdge Construction Company was hired by High Impact School to add a new stadium to their school. The stadium includes a consession stand, new restrooms, new locker rooms, a parking lot and the stadium itself. The contract had 5 phases of construction with each phase being a performance obligation. The transaction price of the product is $2,675,000. As each phase involves a sperate part of the stadium, each phase is fully functional at the point of delivery. Each of the phases has standalone value as follows: 10 Phase Phase 1 Phase 2 Phase 3 Phase 4 Phase 5 4 Standalone Sales Value 300,000 760,000 560,000 440,000 940,000 3,000,000 in The contract price is collected in advance from High Impact School. Phases 1 and 2 are completed in the current year with Phases 3 and 4 to be completed the following year. Phase 5 will be completed in the 3rd year of construction. Required: Prepare the journal entry to record any revenue to be recognized during the current period. Account Debit Credit 3