Arrow Co$.$ entered into a contract with a customer for $$510,000.$ The contract is for the delivery of equipment and a $3-$year service maintenance contract for the equipment. Arrow sells separately the equipment for a selling price of $$493,000,$ and the maintenance contract for three years for $$139,800.$ The equipment was delivered on $1$ June $120$X$1.$ 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 $20$X$1$ to $30$ November $20$X$1$ in accordance with IFRS. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Round percentage answers to nearest whole percent. Round final answer to the nearest whole dollar.$)$

$1.$ Record the contract for delivery of equipment.

$2.$ Record the liability related to the contract. Answer is not complete.

No Date General Journal Debit Credit

$1.1$ June $20$X$1$

Accounts receivable $510,000$ selected answer correct

Contract liability not attempted

Revenue$$Equipment not attempted

$2.30$ November $20$X$1$

Contract liability not attempted

Revenue$$Maintenance contract not attempted