Revenue Recognition-Point Sale. Shaw Company sells goods that cost E600,000 to Ricard Company for E820,000 on January 2. 2010.The sales price includes and installation fee, which is valued at E80,000. The fair value of the goods is $740,000. The installation is expected to take 6 months Requirement (a)Prepare the journal entry (if any) to record the sale on January 2, 2010. (b) Prepares journal entry for the first quarter of 2010, ending on March 31, 2010. How much revenue should Shaw recognize ?related to its sale to Ricard?ard