Since 1970, Lift Me Up, Inc. has provided maintenance services for elevators. On January 1, 2016, Lift Me Up obtains a contract to maintain an elevator in a 90-story building in Chicago for 10 months and receives a fixed payment of $80,000. The contract specifies that Lift Me Up will receive an addition $40,000 at the end of the 10 months if there is no unexpected delay, stoppage, or accident during the year. Lift Me Up estimates variable consideration to be the most likely amount it will receive Required Assume that Lift Me Up anticipates it will earn the performance bonus, but is highly uncertain about its estimate given unfamiliarity with the building and uncertainty about its access to the elevators equipment. Prepare the journal entry Lift Me Up would record on January 1 1. 2. Assume the same facts as requirement 1. In addition assume that, on May 31, Lift Me Up determines that it has sufficient experience with the company to make an accurate estimate of the likelihood that it will earn the performance bonus, and concludes that it is likely to earn the performance bonus. Prepare the journal entry Lift Me Up would record on May 31 to recognize May revenue and any necessary revision in its estimated bonus receivable