Ivanhoe Company sells goods on credit that cost $309,500 to Michael Company for $415,500 on January 2,2025 . The sales price includes an installation fee, which has a standalone selling price of $45,500. The standalone selling price of the goods is $370,000. The installation is considered a separate performance obligation and is expected to take 6 months to complete. (a) Your answer is partially correct. Prepare the journal entries (if any) to record the sale on January 2, 2025. (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.) Date Account Titles and Explanation Debit Credit Jan. 2, 2025 Accounts Receivable Sales Revenue Unearned Service Revenue (To record sales on account) Jan. 2, 2025 Cost of Goods Sold 309500 309500 (To record cost of goods sold)