Allocating the Transaction Price and Revenue Recognition Over Time HeavyEQ produces large conveyor belt systems for heavy manufacturing. HeavyEQ signs a $2 million fixed-price contract under which it makes three promises: Install a conveyor belt system: fair value $1.6 million Service the system over a five-year period: fair value $0.6 million Provide a warranty assuring that the conveyer belt meets the contract specification at the time of sale: fair value $0.2 million Required: Assuming a customer entered into the above contract on May 1, 2023, determine the amount of revenue HeavyEQ will record from this contract during: a) The second calendar quarter of 2023 , and b) The third calendar quarter of 2023 . Allocating the Transaction Price and Revenue Recognition Over Time HeavyEQ produces large conveyor belt systems for heavy manufacturing. HeavyEQ signs a $2 million fixed-price contract under which it makes three promises: Install a conveyor belt system: fair value $1.6 million Service the system over a five-year period: fair value $0.6 million Provide a warranty assuring that the conveyer belt meets the contract specification at the time of sale: fair value $0.2 million Required: Assuming a customer entered into the above contract on May 1, 2023, determine the amount of revenue HeavyEQ will record from this contract during: a) The second calendar quarter of 2023 , and b) The third calendar quarter of 2023