Problem 5-5 Variable consideration [LO5-3, 5-6] On January 1, Revis Consulting entered into a contra period. Revis will receive $46,400 from Green at the end of each month. I an additional $23,200 from Green at the end of the contract, but if total cost savings fall short, Revis will refund $23,200 to Green Revis estimat ct to complete a cost reduction program for Green Financial over a six-month total cost savings reach a specific target, Revis will receive es an 80% chance that cost savings will reach the target and calculates the contract price based on the expected value of future payments to be received. Required: Prepare the following journal entries for Revis: 1. to 3. Prepare the journal entry on January 31 to record the collection of cash and recognition of the first month's revenue, assuming total cost savings exceed target, record the entry on June 30 for receipt of the bonus and assuming total cost savings fall short of target and record the entry on June 30 for payment of the penalty. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) entry worksheet General Journal No Transaction 46400 Cash 46,400 23,200