On April 7, 2024, McMaster Systems signed a contract to develop and install a virtual private network (VPN) for Austin Goff Stores. i (Click the icon to view additional information.) Requirement Prepare the journal entry to record the contract and to record any revenue to be recognized during the current period. Show all supporting computations. Begin by completing the table to allocate the contract price to each separate performance obligation. (Enter the percentages to two decimal places, X.XX%. Round your answers to the nearest whole dollar.) Standalone Sales Value Relative Fair Value Contract Revenue to be Recognized Price $ 127,500 367,500 225,000 30,000 $ 750,000 VPN Component Regional offices Corporate office Retail stores Remote users Total % % % % % More info The transaction price, including installation, is $500,000. The VPN consists of four components: regional offices, corporate, retail stores, and remote users (for example, buyers). Each component is fully functional at the point of delivery. Each of the four components of the total network is correctly classified as a performance obligation, and each has standalone fair values as follows: Standalone Sales Value $ 127,500 367,500 225,000 30,000 $ 750,000 VPN Component Regional offices Corporate office Retail stores Remote users - X Total McMaster collects the contract price in advance. McMaster completed the regional office and remote user components on December 31, 2024. Print Done