Rooster Co. purchases equipment from Ram Ltd. contracts with Ram to install the equipment. Using market data, the fair values of the installation service and the equipment are estimated. Equipment Service Fair value 49,920 12,480 Rooster Co. agrees to the following payment schedule: At signing of agreement 8,424 When the equipment is delivered 19,656 When the installation is done 28,080 Total 56,160 Prepare the journal entries for Ram for the following transactions: There are more yellow boxes given than necessary for the J/E. Leave blank the boxes that you do not need. If there is no J/E needed, leave the boxes blank. At signing of agreement: When the equipment is delivered: When the installation is done