On Jonusry 1. Revis Consulting entered into a contract to complete a cost reduction program for Green Financial over a six-month peniod. Revis wil receive $44000 fron Green at the end of each month. If total cost ravings reach a specifle target. Revis will recelve an additional $22.000 from Green at the end of the contract. but if total coct savings fall short, Revis will rofund $22,000 to Green Revis estimates an 80 . chance that cost cavings will teach the target and calculases the cantract price based on the expected value of future payments to be recelved Required: Prepare the following journal entries for Revis 1. Piepare the joumal entry on January 31 to record the collection of cast and recognition of the first month's reventie 2. Assuming total 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, prepare the joutnal entry on June 30 to record payment of the penaliy. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field