Wilson Equipment Inc. sells computer software to manufacturing companies to help with inventory management. This software has a stand$-$alone price of $$147,000.$ On January $1,2023,$ Wilson to sell the software inclusive of a three$-$year service contract for $$189,000.$

Required:

$1)$ Prepare the January $1,2023$ journal entry to record the sale of the computer software plus service contract for $$189,000$ assuming a comparable service contract is sold separately for $$63,000.$ Wilson uses the relative stand$-$alone value method for multiple deliverables. Show all of your calculations in the space provided below. Note: you do not need to record the related cost of goods sold entry.

$2)$ Prepare the December $31,2023$ journal entry to record any recognized revenue on the service contract.

$3)$ Prepare the entry on January $1,2023,$ assuming a reliable estimate for a comparable service contract is not available. $($ie$.$ use the residual value method$)$