On December 18, Intel receives $259,000 from a customer toward a cash sale of $2.59 million for computer chips to be completed on January 23. The computer chips had a total production cost of $1.59 million. What journal entries should Intel record on December 18 and January 23

Date        General Journal              Debit        Credit

Dec. 18    Cash                                $259,000

               Unearned revenue                                $259,000

(To record advance receipt of cash)

Jan. 23    Cash (2590000 - 259000)$2,331,000  

               Unearned revenue        $259,000  

               Sales revenue                                  $2,590,000

(To record cash sale)

Jan. 23 Cost of goods sold        $1,590,000  

               Inventory                                          $1,590,000

(To record cost of goods sold)