World Foods, Inc. prepares and delivers agricultural products to industrial-scale kitchens and food service providers. One of its key customers is Toad's Kitchen & Co., which provides cafeteria solutions for corporations and universities. On January 1, 2021, World Foods obtained a one-year contract to supply a pre-specified amount of vegetables to Toad's Kitchen, and received $660,000 in cash. Then, on March 15, World Foods hired Toad's to run one of its employee cafeterias for a period of six months, from April to September, and paid $75,000 in cash. For similar arrangements, Toad usually charged $45,000. Required: 14 points (a) Prepare the journal entries World Foods would record on January 1, 2021 and January 31, 2021 with respect to the sales contract. Assume revenue is accrued on a monthly basis. (b) Prepare the journal entry to account for World Foods' purchase of Toad's services on March 15.