make all the appropriate journal entries and adjusting journal entries for Pink Pony for the information above. Contracts Initiated in Prior Years Contract 1 2 3 4 5 Current Year (2022) Goods Shipped in the Current Year $112,000 93,444 425,700 39,622 . - 6 7 8 9 10 11 12 13 14 15 Total 708,271 As of December 31 of the current year $64,300 of goods shipped are still in transit. - - - Maintenance Contracts Fulfilled in the Current Year $12,600 17,429 119,377 14,600 22,905 13,900 65.000 36,200 5,810 58,406 11,488 1,963 41,970 16,999 4,152 405.294 Future Years (2023) Goods not yet Maintenance not Shipped as of yet Fulfilled as of the end of the the end of the Current Year Current Year $25,900 124,785 . 150.685 $65,100 24,700 258,960 31,955 34,527 22,966 5,130 9,761 453.099 You work as an accountant for Pink Pony. Pink Pony had numerous active contracts at the beginning of the current year (2022). All of these contracts have been analyzed correctly. Pink Pony had been paid in full for all of these contracts as of the beginning of the current year (2022) (.e., they were paid before January 1 of the current year (2022). The table included in the "Contracts from Prior Years" shows an analysis of all contracts for "Current Year" which is 2022, and "future years" which is 2023. . For the sake of simplicity, we will assume that there are no significant financing components associated with this revenue. The FIFO measurement of inventory shipped this year (2022) from revenue contracts completed in 2021, before the current year (2022) is $476,300. . Of this amount $34,755 is still in transit as of December 31, 2022. . The sales price of these goods is $64,300.