On July 1, WOWZO Consultancy enters into a contract to provide consulting services to Panama College (PC). The contract is anticipated to last four months and is intended to achieve significant cost savings at the college. The contract stipulates that PC will pay WOWZO $41,000 at the end of each month, and, if total cost savings reach a specific target, PC will pay an additional $36,000 to WOWZO at the end of the contract. WOWZO estimates a 70% chance that cost savings will reach the target. Assume that WOWZO estimates uncertain consideration as the most likely amount. Required: Do the following for WOWZO a. Prepare the journal entry on July 31 to record the first month of revenue under the contract. b. Assuming total cost savings exceed the target, prepare the journal entry, if any, on October 31 to record receipt of the $36,000 bonus (ignore the normal October payment of $41,000). c. Assuming total cost savings do not reach the target, prepare the journal entry, if any, on October 31 to record failure to receive the $36,000 bonus (ignore the normal October payment of $41,000). (For all requirements, If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) &Spencer Stevens View transaction list Journal entry worksheet 3 Record the failure to receive the $36,000 bonus.