On July 1, Tyler Buchner enters into a contract to provide consulting services to Notre Dame University. The contract is anticipated to last four months and is intended to achieve significant cost savings at the university. The contract stipulates that Notre Dame will pay Buchner $34,000 at the end of each month, and, if total cost savings reach a specific target, Notre Dame will pay an additional $29,000 to Buchner at the end of the contract. Buchner estimates a 80% chance that cost savings will reach the target. Assume that Buchner estimates variable consideration as the expected value. Required: Prepare the journal entry on July 31 to record the first month of revenue under the contract. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record the first month of revenue under the contract