Sandhill Company sells goods that cost $$442,500$ to Clinton Company for $$669,000$ on January $2,2025$ on account. The sales price includes an installation fee, which is valued at $$63,000.$ The fair value of the goods is $$606,000.$ The installation is considered a separate performance obligation and is expected to take $6$ months to complete.

$($a$)$

Prepare the journal entries $($if any$)$ to record the sale on January $2,2025.($List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

Date Account Titles and Explanation

Debit

Credit

Jan. $2,2025$

$($To record sales on account$)$

Jan. $2,2025$

$($To record cost of goods sold$)$