bigboy equipment inc sells heavy duty forklit trucks model 217a has a stand alone price of 140000

Required:
Prepare a journal entry to record the sale of one Model 217A forklit truck plus service con-tract for $ 180,000 assuming:
1. A comparable service contract is sold separately for $ 60,000. BigBoy uses the relative fair value method for multiple deliverables.
2. The service contract has a variable stand- alone value ranging from $ 30,000 to $ 70,000 and BigBoy uses the residual method.