Concord Inc. sells an irrigation system that cost $$176,000$ to McGraw Company for $$356,000$ on March $2,2017.$ The sales price includes an installation fee. The standalone price of the installation fee is $$60,000.$ The standalone price of the irrigation system is $$331,000.$ The installation is considered a separate performance obligation and is expected to take $3$ months to complete.

$($a$)$

Allocate Concord's total selling price for the irrigation system and installation to the two performance obligations $($delivery of the irrigation system and installation$).($Round intermediate calculations to $6$ decimal places, e$.$g$.1\mathrm{.}246871$ and final answers to $0$ decimal places, e$.$g$.5,125.)$

Irrigation system $

Installation

$