On January 1, 2020. Pearl Co.enters into a contract to sell a customer a wiring base and shelving unit that sits on the base in exchange for $3,000. The contract requires delivery of the base first but states that payment for the base will not be made until the shelving unit is delivered. Pearl identifies two performance obligations and allocates $1,350 of the transaction price to the wiring base and the remainder to the shelving unit. The cost of the wiring base is $690, the shelves have a cost of $330 (a) Your answer is correct Prepare the journal entry on January 1, 2020. for Pearl (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts) Account Titles and Explanation Debit Credit No Entry 0 No Entry Prepare the journal entry on February 5, 2020, for Pearl when the wiring base is delivered to the customer (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts) Account Titles and Explanation Debit Credit (To record sales) (To record cost of goods sold) Save for later Attempts: 0 of 10 used Submit