Bridgeport Company manufactures equipment. Bridgeport'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 ordem for the installed equipment to perform to specifications. Bridgeport has the following arrangement with Winkerbean Inc. . Winkerbean purchases equipment from Bridgeport for a price of $960,000 and contracts with Bridgeport to install the equipment. Bridgeport charges the same price for the equipment irrespective of whether it does the installation or not. Using market data, Bridgeport determines installation service is estimated to have a standalone selling price of $50,000. The cost of the equipment is $560,000 Winkerbean is obligated to pay Bridgeport the $960,000 upon the delivery and installation of the equipment. Bridgeport delivers the equipment on June 1, 2020, and completes the installation of the equipment on September 30, 2020. The equipment has a Installation are two distinct performance obligations which should be accounted for separately seful life of 10 years. Assume that the equipment and the How should the transaction price of $960,000 be allocated among the service obligations? (Do not round intermediate calculations. Round final answers to O decimal places) Equipment $ Installation 581311 78609 eTextbook and Media List of Accounts Prepare the journal entries for Bridgeport for this revenue arrangement on June 1, 2020 and September 30, 2020, assuming Bridgeport receives payment when installation is completed Credit account titles automatically indented when the amount is entered. Do not indent manually no entry is required, select "No entry" for the account titles and enter O for the amounts)