Lux Hotels, Inc. has signed a service outsourcing contract with Deluxe Rooms, Inc. for $3 million, which was received in cash at contract inception. Under the agreement, Deluxe Rooms is obligated to clean and prepare over 5,000 hotels rooms managed by Lux Hotel on a daily basis from August 1, 2021 to July 31, 2022. Required: Prepare any journal entry that Delux would record: (1) at inception of the contract and (2) at the end of 2021 to recognize all revenue associated with this contract that should be recognized in 2021.