Arrow Co. entered into a contract with a customer for $410,000. The contract is for the delivery of equipment and a three-year service maintenance contract for the equipment. Arrow sells separately the equipment for a selling price of $400,000, and the maintenance contract for three years for $50,000. The equipment was delivered on 1 June 1 20X1. Arrow has a 30 November year-end.

Required:

Prepare the journal entries required to record the revenue related to this contract during the period 1 June 20X1 to 30 November 20X1.