On June 15, 2020, Bombardier, a public company, signed a contract to sell the Region of Waterloo light-rail-transit (LTR) vehicles for $1.5 million (cost = $800,000). At the customer's insistence, the contract includes quarterly maintenance on the vehicles for the first two years of operation following delivery. Although Bombardier has the expertise to maintain the vehicles, this not a service normally offered by the company but market data indicates that the fair value of the maintenance service is $200,000 in total. Bombardier cannot reliably estimate the fair market value of the LTR vehicles due to the volatile nature of the market. The LTR vehicles were delivered on July 01, 2020. Required: Prepare journal entries to record the sales and first maintenance service. (round final calculations to the nearest dollar) (8 marks)