Arrow Co. entered into a contract with a customer for $420,000. 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 $392,000, and the maintenance contract for three years for $80,000. 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 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.)

Required journal entry

1. Record the contract for delivery of equipment. (1 june 20X1)
2. Record the liability related to the contract. (30 November 20X1)