Required Journal Entry:

Record the contract for delivery of equipment.

Record the liability related to the contract.

Arrow Co. entered into a contract with a customer for $410,000. The contract is for the delivery of equipment and a 3-year service maintenance contract for the equipment. Arrow sells separately the equipment for a selling price of $400,000, and the maintenance contract for three years for $50,000. The equipment was delivered on 1 June 120X1. Arrow has a 30 November year-end. Required: Prepare the journal entries required to record the revenue related to this contract during the period 1 June 20x1 to 30 November 20X1. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round percentage answers to nearest whole percent. Round final answer to the nearest whole dollar. )