The client wants guidance as to the implications for its income statement and balance sheet upon the receipt of the signed contract from SM. Specifically, the clients wants to understand the impact on revenue and expenses and assets and liabilities, assuming SM takes the $500,000 discount by paying $9.5 million within 3 days of signing. Journal entries should be presented. For this part, you do not need to allocate the price to different performance obligations, if there is more than one