A hospital arranges with an HMO to provide hospital care to the HMO’s members at a specific rate per member, per month. During June, the HMO paid the hospital $ 850,000, in accordance with the agreement. The hospital’s cost accounting records showed that, if it had billed the HMO in accordance with its established billing rates, it would have billed the HMO $ 975,000. Prepare the appropriate journal entry ( or entries) to record this transaction.
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