Question 1 (2pts): Geraldos Blinds manufactures and sells custom blinds. Geraldos also provides installation service for the blinds. The installation process does not involve changes in the blinds, so this service can be performed by other vendors. Geraldos enters into the following contract on March 1, 2017, with a local home $8,400 and chooses Geraldos to do the installation. Geraldos charges the same price for the blinds irrespective of whether it does the installation or not. The installation service is estimated to have a standalone selling price of $1,100. The customer pays Geraldos $7,500 upon delivery and the remaining balance upon installation of the blinds. The blinds are delivered on June 1, 2017, Geraldos completes installation on July 15, 2017, and the customer pays the balance due. Prepare the journal entries for Geraldos in 2017. (Round amounts to nearest dollar) owner. The customer purchases blinds (which have a cost of 5,500) for a price of