2 of 5 < > View Policies Current Attempt in Progress -/1 E Ivanhoe Company manufactures equipment. Ivanhoe's products range from simple automated machinery to complex systems containing numerous components. Unit selling prices range from $290,000 to $1,690,000, and are quoted inclusive of installation. The installation process does not involve changes to the features of the equipment to perform to specifications. Ivanhoe has the following arrangement with Winkerbean Inc. Winkerbean purchases equipment from Ivanhoe on May 2, 2020, for a price of $988,000 and contracts with Ivanhoe to install the equipment, Ivanhoe charges the same price for the equipment irrespective of whether it does the installation or not. Using market data, Ivanhoe determines that the installation service is estimated to have a fair value of $52.000. The cost of the equipment is $600,000. Winkerbean is obligated to pay Ivanhoe the $936,000 upon delivery of the equipment and the balance on the completion of the installation Ivanhoe delivers the equipment on June 1, 2020, and completes the installation of the equipment on September 30, 2020. Assume that the equipment and the installation are two distinct performance obligations that should be accounted for separately Allocate the transaction price of $988,000 among the performance obligations of the contract. Assume Ivanhoe follows IFRS (Round percentage allocations to 2 decimal places, eg. 12.25 and final answers to O decimal places, eg, 5.275) Question 2 of 5 Delivery equipment Installation < > $ $ eTextbook and Media List of Accounts -/1 E -/1 Prepare any journal entries for Ivanhoe on May 2, June 1, and September 30, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem) Date Account Titles and Explanation (To record sales) Debit eTextbook and Media List of Accounts (To record cost of goods sold) DELL