Pharoah Co. enters into a contact to sell Product A and Product B on January 2.2020. for an uptront cashment of $220.000 Product A will be delivered in two years Canuary 2.2002) and Product I will be delivered in five years awary 2, 2025) Pharoah.co. allocates the $220,000 to Products A and B on a relative stand-alone selling price basis as follows Stand-Alone Selling Prices Percent Allocated Allocated Amounts Product A $46,000 20% $44,000 Product B 184.000 80% 176,000 $230,000 $220,000 Pharoah Coruses an interest rate of 5%, which is its incremental borrowing rate Prepare the journal entries pecessary on January 2, 2020, and December 31, 2020. Credit account tities are automatically indented when the amount is entered. Do not indent manually no entry is required, select "No Entry for the account titles and enter for the amounts Record journal entries in the order presented in the problem) Date Account Titles and Explanation Debit List of Accounts Prepare the journal entry needed on December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Date December 31, 2021 Prepare the journal entry needed on January 2, 2022. Credit account titles are automatically indented when the amount is entered. De not indent manuallyIf no entry is required select "No Entry for the account title and enter for the amounts Date Account Titles and Explanation Debit Credit January 2.2022 Using Excel or a financial calculator, calculate the amount of revenue to be recognized for Product B.(Round answer to 2 decimal places, s. 5,275.25.) Amount of revenue to be recognized S Prepare the journal entry needed on January 2, 2025. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Round answers to o decimal places, eg. 5,275) Date Account Titles and Explanation Debit Credit January 2. 2025