RetailTech Ltd. is reviewing its financial performance for the year ending December 31, 20X1. The company had the following transactions related to revenue recognition:

• January 1: Signed a contract to deliver software licenses to a customer for $500,000, with payment terms of 50% upfront and the remaining 50% upon delivery in six months.
• March 31: Delivered 50% of the software licenses and received the final payment for the delivered licenses.
• June 30: Delivered the remaining software licenses and recognized the remaining revenue.
• December 31: Provided software maintenance services for $100,000, which were billed but not yet collected.

Required:

1. Prepare the journal entries for the revenue transactions during the year.
2. Calculate the total revenue recognized for the year ending December 31, 20X1.
3. Prepare the accounts receivable and unearned revenue balances as of December 31, 20X1.
4. Discuss the impact of the revenue recognition on the company’s financial statements and cash flow.