On Januecy 1 , Aevis Consulting entered into a contract to complete a cost reduction program for Green financial over a six-month period. Revis wili recelve $44,000 from Green at the end of each month. If total cost savings reach a specific target, Revis will receive an additional 522,000 from Green at the end of the contract, but if total cost savings fall short. Revis will refund $22,000 to Green Revis estimates an 80% chance that cost savings will reach the target and calculates the contract price based on the expected value future payments to be received Required: Prepare the following journal enties for Revis 1. Prepare the joumat entry on january 31 to record the coliection of cash and recognition of the first month's revenue 2. Assuming toral cost sovings exceed target, prepare the journal entry on June 30 to record receipt of the bonus 3. Assuming total cost savings fall short of target, prepsre the journal entry on June 30 to record payment of the penalty Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field