BlossomCompany sells goods that cost $320,000toAyayaiCompany for $430,000on January 2, 2020. The sales price includes an installation fee, which is valued at $36,300. The fair value of the goods is $403,700. 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,AyayaiCompany paysBlossom$275,000upon delivery of the goods and the balance at the completion of the installation.

Using the ve-step process for revenue recognition, determine when and how much revenue would be recognized by Blossom. Assume IFRS is fol lowed. (Round percentage allocations to 2 decimal places, 15.25 and nal answers to 0 decimal places, e.g. 5,275.) Performance Obligation When? How much? Deliver goods ' V' $ ' ' Installation ' V' l ' Total $ ' Account Tles and Explanation Debit Credit (To record sales) (To record cost of goods sold)