Red Maple Co. enters into a contract to sell Product Y and Product Z on January 2 2021, for an upfront cash payment of $150,000 Product Y will be delivered in two years January 2, 2023) and Product Z will be delivered in five years (January 2, 2026). Red Maple Co allocates the $150,000 to Products Y and Zon a relative stand-alone selling price basis as follows Stand Alone Selling Prices Percent Allocated Allocated Amounts Product Y $ 40,000 25 $ 37 500 Product z 120,000 75 112.500 $160,000 $150,000 Red Maple Co. uses an interest rate of 6%, which is its incremental borrowing rate. Required 1. Prepare the journal entries needed on January 2, 2021 and December 31, 2021. 2 Prepare the journal entry needed on December 31, 2022 3. Prepare the journal entry needed on January 2 2023. 4. Using Excel or a financial calculator, calculate the amount of revenue to be recognized for Product B and prepare the journal entry needed on January 2, 2026. Submission statur