Hi-Yield Ltd. is an established company that is selling farming equipment bundled with a 2 year maintenance agreement provided with each piece of equipment. Farmer Bob signs a sales contract on June 1, 2021 with Hi-Yield to buy a combine and service agreement for $600,000 on July 2 nd. Bob provides a 10% down payment for the combine at the time of signing the contract. The combine is delivered to Farmer Bob July 2, 2021 Bob pays the remainder of the amount owing, and takes legal title to the combine. The combine costs Hi-Yield $450,000 to acquire. On a standalone basis, the combine is normally sold for $600,000, while the two year maintenance agreement is normally sold for $80,000. Required: Provide the journal entries that would need to be made in June and July 2021, showing clearly the date for each journal entry. For each account shown in a journal entry, indicate whether it is a balance sheet (b/s) or income statement (i/s) account the first time you use it. Clearly show your calculations for the revenue to be recognized on each date. Round any percentages to the nearest whole percentage, e.g., 50.3% would be 50%. (15 marks). Hi-Yield Ltd. is an established company that is selling farming equipment bundled with a 2 year maintenance agreement provided with each piece of equipment. Farmer Bob signs a sales contract on June 1, 2021 with Hi-Yield to buy a combine and service agreement for $600,000 on July 2 nd. Bob provides a 10% down payment for the combine at the time of signing the contract. The combine is delivered to Farmer Bob July 2, 2021 Bob pays the remainder of the amount owing, and takes legal title to the combine. The combine costs Hi-Yield $450,000 to acquire. On a standalone basis, the combine is normally sold for $600,000, while the two year maintenance agreement is normally sold for $80,000. Required: Provide the journal entries that would need to be made in June and July 2021, showing clearly the date for each journal entry. For each account shown in a journal entry, indicate whether it is a balance sheet (b/s) or income statement (i/s) account the first time you use it. Clearly show your calculations for the revenue to be recognized on each date. Round any percentages to the nearest whole percentage, e.g., 50.3% would be 50%. (15 marks)