Mirabella, Inc. sells security equipmentandcomputer integration services. It hasnot soldthe integration serviceseparatelybecauseitsequipment cannot operate without being fully integrated with a computer system. Such integration requires significant customization. Competitors in the area are not able toprovidesuchhighly customizedcomputer integration services. Mirabella'ssales manager recently signed a contract withJemison Brothers. Thiscontract providesinstallation of security camerasand computer integration servicesat a pricearound$10 million. To sweeten the deal, the sales manager offered to provide a 5-year maintenance service for free, which typically sells for $300,000.Mirabellaexpects to have the system fully operational in 12 months.Jemison will not get control of the equipment until the completion of integrationservice.During the initial negotiationof this contract, the contract pricewas set to $10.1 million in cashpayment. However, as both parties finalize contractnegotiations, Jemison agrees to give Mirabella its old security equipment in exchange for a credit of $100,000. This old security equipment will not be decommissioned until the new equipment is operational. Mirabella estimates thefair value of the old equipment at the contract inception date to be$115,000.There is anotherprovision in the contract that Jemison will receive a discount of $500,000 from the contract price of $10 million if they pay within three days of the datethecontract is signed. Jemison wired $9.5 million to Mirabella two days after the contract was signed. Jemison has offered a bonus to Mirabella if the integrationfinishes early and Mirabella agreed to pay a penalty ifit fails to meetthe 12-month deadline to complete the integration. Mirabella has a large number of contracts with bonus characteristics similar to the contract with Jemison. The following is the schedule of the potential bonus or penalty.While no specific outcome is probable, Mirabella'smanagement assessment of the likelihood of completing the integration in the specified time frameis based on significant historical experience with similar integration jobs. Required: ACCT 351 Research Case -Mirabella Security EquipmentAnalyze steps 1 through 5of the revenue recognitionstandards, i.e.,identify the contract, identify the performance obligations, and determine the transaction price.Then allocate the transaction price among performance obligations, and finally discuss how and when revenue should be recognized.In your analysis of each step, providereferences to the ASC codification codes to support your conclusion and journal entries. Prepare a report that is threepages MAX, includingnecessary tables, journal entries, and calculations. There is no need to have a separate reference page if you properly cite the ASC codes (e.g., according to ASC 606-10-25-19, a contract contains multiple performance obligations if ...This contact has X performance obligations because ...)*Journal entriesarerequired for step 5. You need to discuss how(at one time or over a period of time)and when revenue is recognized foreach performance obligation

what is the journal entry for this case? Thank you.