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Sunny Company signed a contract with Ray Company on 1 June, 2 0 2 3 and Ray paid the contract price of $ 1 .

Sunny Company signed a contract with Ray Company on 1 June, 2023 and Ray paid the contract price of $1.200,000 on the same day. According to the contract, Sunny has to deliver equipment (at a cost of $550,000) to Ray and complete the installation on 15 June, 2023. The contract price includes installation service (standalone selling price of $210.000) and training service (standalone selling price of $30.000). Sunny charges the same price for the equipment irrespective of whether it does the installation and training service or not. The installation process does not involve changes to the features of the equipment. The trainings service is expected to take six months to complete and it will start on 1 July, 2023. Both installation and training services could be provided by other venders.
Required:
Prepare the journal entries for Sunny Company for the month of June 2023.(Specify the date)

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