ETFone Home incorporated (EH) sells mobile phones and is a mobile service provider in Alberta. On October 1, 2021, James paid $200 upfront for a new cell phone from EH and agreed to a non-cancellable contract for mobile service where he pays $80/month over the next 24 months. James has a good credit history so there is no concern about him making future payments. You are the controller for EH and must account for this transaction. You know that EH sells James' phone for $720 without a mobile service contract. 

You also know that James' mobile service plan costs $45/month for those that do not bundle their purchase like James did ignore the time value of money in responding to this question, please show all your work