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Problem 6-5 (Algo) Varlable consideration [LO6-3, 6-6] On January 1, Revis Consulting entered Into a contract to complete a cost reduction program for Green Financlal over a six-month perlod. Revis will recelve $56,000 from Green at the end of each month. If total cost savings reach a speclfic target, Revis will recelve an additional $28,000 from Green at the end of the contract, but If total cost savings fall short, Revis will refund $28,000 to Green. Revis estimates an 80\% chance that cost savings will reach the target and calculates the contract price based on the expected value of future paymerts to be recelved. Required: Prepare the following Journal entries for Revis: 1. Prepare the joumal entry on January 31 to record the collection of cash and recognition of the first month's revenue. 2. Assuming total cost sovings exceed target, prepare the joumal entry on June 30 to record recelpt of the bonus. 3. Assuming total cost savings fall short of target, prepare the journal entry on June 30 to record poyment of the penalty. Note: If no entry is required for a transaction/event, select "No journal entry requlred" in the first account field. Journal entry worksheet Record the collection of cash and recognition of the first month's revenue. Note: tnter debs before credils