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On July 1, Wiggins Associates enters Into a contract to provide consulting services to Pennsylvania University (PU)

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On July 1, Wiggins Associates enters Into a contract to provide consulting services to Pennsylvania University (PU). The contract is anticipated to last four months and is Intended to achieve significant cost savings at the university. The contract stipulates PU will pay Wiggres $31,000 at the end of each month, and, if total cost savings reach a specific target, PU will pay an additional $26,000 to Wiggins at the end of the contract. Wiggins estimates a 130$ chance that cost savings will reach the target 
Assume that Wiggins estimates uncertain consideration as the mast likely amount. 
Require* Do the following for Wiggins: a. Prepare the journal entry an July 31 to record the first month of revenue under the contract b. Assuming total cost savings exceed the target, prepare the journal entry, if any, on October 31 to record receipt of the $26,000 bonus (Ignore the normal October payment of $31,000). c. Assuming total core savings do not reach the target, prepare the journal entry, if any, on October 31 to record failure to receive the $2$000 bonus (ignore the normal October payment of $31,000). (For all requirements, if no entry is required for a transaction event, select "No Journal entry required" In the first 00050.11010 
maw transaction tire 
I entry worksheet 
Record the first month of revenue under the contract.

(1) Record the first month of revenue under the contract.

(2) Record the receipt of the $26,000 bonus.

(3) Record the failure to receive the $26,000 bonus.