CALCULATOR PRINTER VERSION BACK NETTO Exercise 18-13 Culver Company manufactures equipment. Culver'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. Culver has the following arrangement with Winkerbean Inc. Winkerbean purchases equipment from Culver for a price of $1,100,000 and contracts with Culver to install the equipment. Oulver charges the same price for the equipment irrespective of whether it does the installation or not. Using market data, Culver determines installation service is estimated to have a standalone selling price of $5,000. The cost of the equipment is $630,000 Winkerbean is obligated to pay Culver the $1,400,000 upon the delivery and installation of the woment Culver delivers the equipment on June 1, 2020, and completes the installation of the movement on September 2, 2020. The court has set of 10 years. Assume that the coupert and the Installation are two distinct performance obligations which should be counted for seperty How should the transaction price of $1,100,000 be allocated among the service obligations (Do not round intermediate calculation Round Palwers to decimal places) Equipment Prepare the journal entre for Culver for this revenue arrangement on June 1, 2020 and Sep,202, tres are automatically indented when the amount is entered Benfindet manually. If you Date De Prepare the journal entries for Culver for this revenue arrangement on June 1, 2020 and September 30, 2020, Current when to completed. (Credit accoun titles are automatically indented when the amount is entered. Do not indent may try sectory for the new and enter for the amounts.) Date Account Titles and Explanation (to recorded To record serveren Chick you would like to show Work for this questions in the work