Blossom Company sells goods that cost $250,000 to Ayayai Company for $400,000 on January 2, 2020. The sales price includes an installation fee, which is valued at $41,000. The fair value of the goods is $369,000. The goods were delivered on March 1, 2020. Installation is considered a separate performance obligation and was completed on June 18, 2020. Under the terms of the contract, Ayayai Company pays Blossom $250,000 upon delivery of the goods and the balance at the completion of the installation.

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Using the five-step process for revenue recognition, determine when and how much revenue would be recognized by Blossom. Assume IFRS is followed. (Round percentage allocations to 2 decimal places, 15.25 and final answers to 0 decimal places, e.g. 5,275.)

erformance Obligation		When?		How much?
Deliver goods				$enter a dollar amount rounded to 0 decimal places
Installation				enter a dollar amount rounded to 0 decimal places
Total				$enter a total amount rounded to 0 decimal places

Prepare the journal entries for Blossom on January 2, March 1, and June 18, 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 for the amounts. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Credit January 2, 2020 No Entry 0 No Entry 0 March 1, 2020 Accounts Receivable 400,000 Sales Revenue 369,000 Unearned Revenue 31,000 (To record sales) March 1, 2020 Cost of Goods Sold 250.000 Inventory 250.000 (To record cost of goods sold) June 18, 2020 Cash 250,000 Accounts Receivable 250,000 Service Revenue 41,000