Leo Consulting enters into a contract with Highgate University to restructure Highgate's processes for purchasing goods from suppliers. The contract states that Leo will earn a fixed fee of $27,000 and earn an additional $5,000 if Highgate achieves $50,000 of cost savings. Leo estimates a 65% chance that Highgate will achieve $50,000 of cost savings. Assuming that Leo determines the transaction price as the expected value of expected consideration, what transaction price will Leo estimate for this contract? Possible Amounts Probabilities Expected Amounts % = Expected contract price at inception $ 0 Furtastic manufactures imitation fur garments. On June 1, 2021, Furtastic made a sale to Willett's Department Store under terms that require Willett to pay $240,000 to Furtastic on June 30, 2021. In a separate transaction on June 15, 2021, Furtastic purchased brand advertising services from Willett for $30,000. The fair value of those advertising services is $14,000. Furtastic expects that 4% of all sales will prove uncollectible. Required: 1. to 3. Prepare the journal entries to record the transactions above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet :X: Debit Credit Record the Furtastic's sale on June 1, 2021. 2 Record the Furtastic's purchase of advertising services from Willett on June 15, 2021. Assume all of the advertising services are delivered on June 15, 2021. 3 Record the Furtastic's receipt of $240,000 from Willett on June 30, 2021. As of December 31, 2021, Cady Construction has one construction job for which the construction in progress (CIP) account has a balance of $21,000 and the billings on construction contract account has a balance of $9,000. Cady has another construction job for which the construction in progress account has a balance of $7,000 and the billings on construction contract account has a balance of $10,000. Indicate the amount of contract asset and/or contract liability that Cady would show in its December 31, 2021, balance sheet. Job CIP Amount Job 1 $ $ $ 144,000,000 Billings Contract Asset or Contract Liability? 9,000 Contract asset 10,000 Contract liability 21,000 $ 7,000 $ Job 2