Blue Company manufactures equipment. Blue's products range from simple automated machinery to complex systems containing numerous components. Unit selling prices range from $200,000 to $1,500,000 and are quoted inclusive of installation. The installation process does not involve changes to the features of the equipment and does not require proprietary information about the equipment in order for the installed equipment to perform to specifications. Blue has the following arrangement with Winkerbean Inc. Winkerbean purchases equipment from Blue for a price of $970,000 and contracts with Blue to install the equipment. Blue charges the same price for the equipment irrespective of whether it does the installation or not. Using market data, Blue determines installation service is estimated to have a standalone selling price of $53,000. The cost of the equipment is $640,000. Winkerbean is obligated to pay Blue the $970,000 upon the delivery and installation of the equipment. Blue delivers the equipment on June 1, 2020, and completes the installation of the equipment on September 30, 2020. The equipment has a useful life of 10 years. Assume that the equipment and the installation are two distinct performance obligations which should be accounted for separately How should the transaction price of $970,000 be allocated among the service obligations? (Do not round intermediate calculations. Round final answers to O decimal places.) Equipment $ Installation $ eTextbook and Media List of Accounts Prepare the journal entries for Blue for this revenue arrangement on June 1, 2020 and September 30, 2020, assuming Blue receives payment when installation is completed. (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 tities and enter O for the amounts.) Date Account Titles and Explanation Debit Credit (To record sales) (To record cost of goods sold) (To record service revenue) (To record payment received)