Maverik company sold $1,000$ Treadmills in the month of January $2024$ for a total price of $$600,000,$ with a guarantee that the product will be free from defect for $1$ year. The treadmills cost $$250$ each. Maverik estimates that $5\%$ of the treadmills will require part replacement under the guarantee. The cost of the parts is estimated to be $$100$ per treadmill for each repair under the warranty period. In addition, Maverick sold an extended warranty on $500$ of these treadmills for $3$ years beyond the $1-$year period included with the sale, for a total of $$30,000.$

Prepare the journal entry to record the sale for Maverick. Explain how and when revenue will be recorded the for the extended warranty sold.