On January 1, Revis Consulting entered into a contract to complete a cost reduction program for Green Financial over a six-month period. Revis will recelve $48,800 from Green at the end of each month. If total cost savings reach a specific target, Revis will receive an additional $24,400 from Green at the end of the contract, but if total cost savings fall short, Revis will refund $24,400 to Green. Revis estimates an 80% chance that cost savings will reach the target and calculates the contract price based on the expected value of future payments to be recelved. Required: Prepare the following journal entries for Revis: 1. Prepare the journal entry on January 31 to record the collection of cash and recognition of the first month's revenue 2. Assuming total cost savings exceed target, prepare the journal entry on June 30 to record recelpt of the bonus: 3. Assuming total cost savings fall short of target, prepare the journal entry on June 30 to record payment of the penality. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the callection of cash and recognition of the first month's revenue. Fotim Eniter debits bedoede chedas. Journal entry worksheet Record the receipt of the bonus assuming total cost savings exceed target. Note: Enter debits before credits. Journal entry worksheet Record the payment of penalty assuming that total cost savings fall short of target. Note: Enter debits before credits