Kingbird Company sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot spot. It offers two bundles with the following terms. 1. 2. Kingbird Bundle A sells a tablet with 3 years of Internet service. The price for the tablet and a 3-year Internet connection service contract is $505. The standalone selling price of the tablet is $263 (the cost to Kingbird Company is $160). Kingbird Company sells the Internet access service independently for an upfront payment of $296. On January 2, 2020, Kingbird Company signed 100 contracts, receiving a total of $50,500 in cash. Kingbird Bundle B includes the tablet and Internet service plus a service plan for the tablet PC (for any repairs or upgrades to the tablet or the Internet connections) during the 3-year contract period. That product bundle sells for $607. Kingbird Company provides the 3-year tablet service plan as a separate product with a standalone selling price of $145. Kingbird Company signed 190 contracts for Kingbird Bundle B on July 1, 2020, receiving a total of $115,330 in cash. Prepare any journal entries to record the revenue arrangement for Kingbird Bundle A on January 2, 2020, and December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round answers to O decimal places, e.g. 5,125.) Date Account Titles and Explanation Debit Credit 2,2020 Cash 31,2020 3 Unearned Service Revenue-Internet Sales Revenue (To record sales) Cost of Goods Sold Inventory (To record cost of goods sold) Unearned Service Revenue - Internet Service Revenue 50500 16000 8914 26741 23759 16000 8914 Prepare any journal on July 1, o record the revenue arrangement for Kingbird (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round answers to O decimal places, eg. 5,125.) Date Account Titles and Explanation Jul. 1, 2020 Cash Dec. 31, 2020 Y (To record sales) Cost of Goods Sold Inventory (To record cost of goods sold) Debit I Credit