Question 7 [8 points) Vision Consulting Inc. shipped software to a customer on September 1, 2016. The arrangement with the customer so requires the company to provide technical support over the next 12 months and to ship an expected software upgrade on January 1, 2016. The total contract price is $249.200, and Vision Consulting inc. estimates that the individual fair values of the components of the arrangement sold separately would be Software $122,500 Technical support 45,000 Upgrade 82.500 a) What share of the total contract price will each component recogniza? Please make sure your final anewar(s) are accurate to the nearest whole number Software Tech Support Upgmdie Total b) Assume that the $240 200 contract price was paid in advance on September 1, 2015. Prepare a joumal entry to record the cathroonipt. Don't worry about the cost of the items sold. Enter an appropriate description, and enter the date in the format ddimmm (1., 15/Jan). Please make sure your final answers) are accurate to 2 decimal places. Denmar Dale Accion Det canned with CamScanner Question 8 [28 points) X-collinc ships merchandise on consignment to Fox Foxtures, a retailer on February 24, 2015. The cost of the merchandise is $28,000, and X-cel Inc. pays the freight cost of $2.200 to ship the goods to the retailer. On September 30, 2015 (Fox Fixtures accounting year end), Fox Foxtures nothies X-cell Inc. that 65% of the merchandiseras been sold for $50,000. Fox Fixtures retains a 10% commission as well as $1,000, which represents advertising costs it paid, and remits the balance owing to X-cell Inc. Please make sure your final answer(s) are accurate to 2 decimal places. tions. Enter an appropriate description when entering the in the loumal Dates must be entered in the format