What would the amount be for the last journal entry? 112,000 is incorrect. Thanks!

On April 7, 2024, Canton Systems signed a contract to develop and install a virtual private network (VPN) for Benny Lange Stores. (Click the icon to view additional information.) Requirement Prepare the journal entry to record the contract and to record any revenue to be recognized during the current period. Show all supporting computations. More info Begin by completing the table to allocate the contract price to each separate performance obligation. (Enter the percentag Standalone Relative The transaction price, including installation, is $560,000. The VPN consists of four components: regional offices, corporate, retail stores, and remote users (for example, buyers). Each component is fully functional at the point of delivery. Each of the four components of the total network is correctly classified as a performance obligation, and each has standalone fair values as follows: VPN Component Sales Value Fair Value Regional offices $ 180,000 20 % Contract Revenue to be Price Recognized $ 560,000 $ 112,000 560,000 224,000 560,000 112,000 560,000 112.000 380,000 Corporate office 40 % Standalone Retail stores 20 180.000 180,000 Sales Value $ $ 180,000 Remote users 20 % VPN Component Regional offices Corporate office Retail stores $ 900,000 100 $ 560.000 Total % 360,000 180,000 180,000 Prepare the journal entry to record the contract. (Record debits first, then credits. Exclude explanations from journal entrie Remote users $ 900.000 Total Account Cash April 7, 2024 560,000 Canton collects the contract price in advance. Canton completed the regional office and remote user components on December 31, 2024. Deferred Network Revenue 560,000 Print Done Help me solve this Etext pages Get more help hec On April 7, 2024, Canton Systems signed a contract to develop and install a virtual private network (VPN) for Benny Lange Stores (Click the icon to view additional information.) Requirement Prepare the journal entry to record the contract and to record any revenue to be recognized during the current period. Show all supporting computations. More info 180,000 Remote users 20 % % 560,000 112,000 $ $ 900.000 $ 100% Total 560,000 % The transaction price, including installation, is $560,000. The VPN consists of four components: regional offices, corporate, retail stores, and remote users (for example, buyers). Each component is fully functional at the point of delivery. Each of the four components of the total network is correctly classified as a performance obligation, and each has standalone fair values as follows: Prepare the journal entry to record the contract. (Record debits first, then credits. Exclude explanations from journal entrie Account April 7, 2024 560,000 Cash Deferred Network Revenue 560,000 Standalone VPN Component Sales Value Regional offices S 180.000 Corporate office 360.000 Retail stores 180.000 Remote users 180,000 S Total 900.000 Canton collects the contract price in advance. Canton completed the regional office and remote user components on December 31, 2024. Prepare the journal entry to record any revenue to be recognized during the current period. (Record debits first, then cred Account Deferred Network Revenue Network Revenue December 31, 2024 112,000 112,000 Print Done Help me solve this Etext pages Get more help hec