Unknown Industries manufactures washers. Its most popular product is called the Soaker, which costs $650 to manufacture and $200 to install. Unknown sells the Soaker directly to commercial customers for $1,300 a unit and will install the unit for an additional $250. Although the Soaker is its main source of revenue, Unknown also provides monthly maintenance services for the convenience of its customers, for an additional fee. Unknown outsources maintenance services at a cost of $8 an hour. Unknown also sells the Soaker to home improvement retailers for $1,100 a unit. Unknown had the following Soaker revenue arrangements during the first quarter of 20Y1:

Arrangement 1: Unknown sold 40 Soakers to a major business in a flood-prone area for a negotiated contract price of $60,000. The Soakers are delivered and installed on February 1, 20Y1, and full payment is made. Unknown agreed to include installation and a 3-year monthly maintenance service in the contract price, in addition to the washers. Unknown typically charges $15 per month per unit for the maintenance plan. The contractor spends 1 hour/month maintaining each unit.

What are the journal entries for Unknown?

ASSETS LIABILITIES EQUITY + + + Cash Super Soaker Inventory BAL 500K ASSETS LIABILITIES EQUITY + + + Cash Super Soaker Inventory BAL 500K