Question 2: Allocate Transaction Price and recognize revenue (20 points) Geraths Windows manufactures and sells custom storm windows for three-season porches. Geraths also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. into the following contract on July 1, 2025, with a local homentallation. Geraths charges the same windows for a price of $2,400 and chooses Geraths to do the installation or not The instalice price for the windows irrespective of whether it $600. The customer pays Geraths $2,000 (which is estimated to have a standalone selling price of $600. which have a cost of $1,100 ) upon delivery equals the standalone selling price of the winding of the windered on balance due. Instructions: Answer the following questions. If no entry is required on a particular date, write "none needed". (1) Prepare journal entry for Geraths on July 1, 2025. (2 points) (2) Geraths has 2 performance obligations: ( 3 points) The 1st performance obligation is: The 2nd performance obligation is: (3) How should the transaction price of $2,400 be allocated between the 2 performance obligations? Show your computations in the table below: ( 3 points) (4) Prepare journal entry for Geraths on September 1, 2025. (8 points) (5) Prepare journal entry for Geraths on October 15, 2025. (4 points)