On December 2, a customer signs a contract to buy an equipment and service plan bundle with cash. The equipment normally sells for $190 and is bundled with an 18-month service plan, which usually sells for $50 per month. The price for the bundle is $1040 and the cost of the equipment to Smart Touch is $150. Smart Touch uses the perpetual inventory method and a relative sales value basis approach to allocate revenue between the equiment and the service plan. Round intermediary values to one decimal place and round final values to the nearest whole dollar. Date Accounts Debit Credit Dec. 2 equipment bundle cash Date Accounts Debit Credit On December 7, Smart Touch delivers equipment to a small retailer on consignment. The cost of the equipment was $1,540 and the combined retail selling price is $2,300. If the retail shop sells the equipment, Smart Touch will pay 20% commission. Both companies use a perpetual inventory method. Date Accounts Debit Credit