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 receive $63,200 from Green at the end of each month. If total cost savings reach a specific target, Revis will receive an additional $31,600 from Green at the end of the contract, but if total cost savings fall short, Revis will refund $31,600 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 received. 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 receipt of the bonus 3. Assuming total cost savings fall short of target, prepare the journal entry on June 30 to record payment of the penalty Record the collection of cash and recognition of the first month's revenue. Note: Enter debits before credits. Date January 31 General Journal Debit Credit Record the receipt of the bonus assuming total cost savings exceed target. Note: Enter debits before credits. Date June 30 General Journal Debit Credit Record entry Clear entry View general journal Record the payment of penalty assuming that total cost savings fall short of target. Note: Enter debits before credits. Date June 30 General Journal Debit Credit Record entry Clear entry View general journal