Sheridan Company sells goods on credit that cost $295,500 to Richard Company for $418,000 on January 2, 2025. The sales price includes an installation fee, which has a standalone selling price of $40,500. The standalone selling price of the goods is $377,500. 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. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Jan. 2, 2025 Jan. 2, 2025 Account Titles and Explanation (To record sales on account) (To record cost of goods sold) Debit Credit