Chapter 18 Homework Question 3 of 9 View Policies Show Attempt History < > Current Attempt in Progress 0.5/1 Kingbird Company sells goods that cost $471,000 to Norris Company for $606,000 on January 2, 2020. The sales price includes an installation fee, which is valued at $54,000. The fair value of the goods is $552,000. The installation is considered a separate performance obligation and is expected to take 6 months to complete. Chapter 18 Homework Question 3 of 9 eTextbook and Media * Your answer is incorrect. 0.5/1 Kingbird prepares an income statement for the first quarter of 2020, ending on March 31, 2020 (installation was completed on June 18, 2020). How much revenue should Kingbird recognize related to its sale to Norris? First Quarter Sales Revenue $ eTextbook and Media 579000