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Lewis Inc. manufacturers and sells Thingamajigs. Glacier also offers Thingamajig training sessions. On December 1, Year 1, Lewis Inc. sold Clark Co. 500 Thingamajigs as
Lewis Inc. manufacturers and sells Thingamajigs. Glacier also offers Thingamajig training sessions. On December 1, Year 1, Lewis Inc. sold Clark Co. 500 Thingamajigs as well as 10 Thingamajig training sessions ( 1 session per month for 10 months) for \\( \\$ 5,000,000 \\). The first training session is scheduled for December 15, Year 1. The cost of the Thingamajigs to Lewis Inc. is \\( \\$ 1,000,000 \\). Clark Co. paid the full \\( \\$ 5,000,000 \\) on December 1 , Year 1. Recently, Lewis Inc. sold a different customer 1,000 Thingamajigs without the training sessions for \\$7,200,000. Colter Company, a competitor of Lewis Inc., sells similar \"Thingamabob\" training sessions for \\( \\$ 240,000 \\) per session. Lewis Inc. purchased a Thingamajig assembly machine in Year 1 for \\( \\$ 500,000 \\). The machine was fully depreciated for tax purposes in Year 1 but will be depreciated on a straight-line basis for 5 years beginning in Year 1 for book purposes. Lewis Inc.'s pre-tax book income for Year 1 is \\( \\$ 15,000,000 \\). The tax rate for Year 1 is \20. The tax rate for all future years is \30. 1. What journal entry should Lewis Inc. record on \\( 12 / 1 / 1 \\) ? 2. What journal entry should Lewis Inc, record after the first training session on \\( 12 / 15 / 1 \\) ? 3. What is the total amount of revenue recognized from the sale to Clark Co. in Lewis Inc.'s \\( 13 / 31 / 1 \\) financial statements? 4. What is the amount of income tax expense for Lewis Inc. in Year 1
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