On March 1, 2020, ABC contracted with Best Buy to provide 1,000 televisions at a contracted price of $450/cach. Delivery occurred on March 3, 2020. The sale was on account, and Best Buy made cash payment 30 days after delivery. The sale was subject to a retroactive volume discount whereby the per-unit sales price is reduced if total units purchased by Best Buy during the calendar year exceed certain thresholds, shown below. Cumulative sales during the year are 3500 units Retroactive discount no discount $10/unit $15/unit $20/unit $25/unit Post- Discount Probability Price of Occuring $450 17.5% $440 17.5% $435 17.5% $430 30.0% $425 17.5% 100% ABC's beliefs about the likelihood of each event occurring are reported under the "probability of occurring" column. 1. Prepare the journal entry needed to record the sale on the appropriate date using the expected value approach to measure variable consideration. Be sure to clearly identify the appropriate date for recognizing revenue on the sale 2. Assume that on September 1, 2020, management of ABC revises its beliefs, concluding that there is a 90% chance that Best Buy will buy only 2100 units during calendar year 2020 and a 10% chance that ABC will buy $2600 units during calendar year 2020. Prepare journal entries that are needed on September 1, 2020. 3. Redo #1 and #2 assuming that ABC uses the most likely approach to measure variable consideration Redo of #1