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Dell Communications Systems signed a contract to develop and install an integrated network for Ross Auto Dealerships, Inc. in five phases. Each phase is considered a performance obligation. The transaction price, including installation, is $2,300,000. Each phase is fully functional at the point of delivery. The five phases of the total network products each have standalone values as follows. Click the icon to view the standalone values.) (Click the icon to view the additional information.) Read the requirements Requirement a. Prepare the journal entry to record any revenue to be recognized during the current period. Show all supporting computations. Begin by preparing the entry to record the contract. (Record debits first, then credits. Exclude explanations from any Journal entries.) Account Beginning of Contract Cash Standalone Network Phase Sales Value Phase 1 $ $ 610,000 Phase 2 780,000 Phase 3 580,000 Phase 4 390,000 Phase 5 690,000 Total $ 3,050,000 The contract price is collected in advance and Phases 1 and 2 are completed during the current year. Dell expects Phase 3 and 4 to be completed in the next 12 months and Phase 5 in the following year. Ignore implications of any financing component Requirement a. Prepare the journal entry to record any revenue to be recognized during the current period. Show all supporting computations. Begin by preparing the entry to record the contract. (Record debits first, then credits. Exclude explanations from any journal entries.) Account Beginning of Contract Cash (Click the icon to view the additio FAccounts Receivable Accounts Payable Cash F a any revenue to be recognized during the curr Cost of Goods Sold E Record debits first, then credits. Exclude expl a Deferred Network Revenue Network Revenue Beginning of Contract