Haley's Hot Tubs sells spas and installation services. Haley's has two product lines, home spas and commercial spas. Below are two independent revenue arrangements for Haley's Hot Tubs: a) Haley's offers a contract comprised of a home spa plus installation to a customer's utilities for a total price of $5,200. On a standalone basis, the home spa sells for $4,500 (cost is $2,600) and Haley's estimates that the fair value of the installation service is $1,500. Haley signed 5 of these contracts on March 31, 2020, and customers paid the contract price in cash. The home spas were delivered and installed on April 20, 2020. b) Haley's sells its commercial spas for $12,000 (cost is $5,000) on credit terms 3/15, net 45. Haley sold 3 commercial spas on September 1, 2020. All Haley's customers paid on September 20, 2020. Haley uses the net method of accounting for receivables. Required 1. With respect to independent arrangement a) above: a. Prepare a detailed calculation of the revenue to be allocated to each of the two performance obligations base on their relative fair values. b. Prepare the necessary journal entry on March 31, 2020. Ignore description. c. Prepare the necessary journal entries on April 20, 2020. Ignore descriptions. 2. With respect to independent arrangement b) above: a. Prepare the necessary journal entries on September 1, 2020. Ignore descriptions. b. Prepare the necessary journal entry on September 20, 2020. Ignore description