Crane Company manufactures equipment. Cranes products range from simple automated machinery to complex systems containing numerous components. Unit selling prices range from $250,000 to $1,510,000, and are quoted inclusive of installation. The installation process does not involve changes to the features of the equipment to perform to specifications. Crane has the following arrangement with Winkerbean Inc.

		Winkerbean purchases equipment from Crane on May 2, 2020, for a price of $988,000 and contracts with Crane to install the equipment. Crane charges the same price for the equipment irrespective of whether it does the installation or not. Using market data, Crane determines that the installation service is estimated to have a fair value of $52,000. The cost of the equipment is $800,000.
		Winkerbean is obligated to pay Crane the $936,000 upon delivery of the equipment and the balance on the completion of the installation

Crane delivers the equipment on June 1, 2020, and completes the installation of the equipment on September 30, 2020. Assume that the equipment and the installation are two distinct performance obligations that should be accounted for separately.

Allocate the transaction price of $988,000 among the performance obligations of the contract. Assume Crane follows IFRS. (Round percentage allocations to 2 decimal places, e.g. 12.25 and final answers to 0 decimal places, e.g. 5,275.)

Delivery equipment		$
Installation		$

List of Accounts

Prepare any journal entries for Crane on May 2, June 1, and September 30, 2020. (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 titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

Date	Account Titles and Explanation	Debit	Credit
May 2, 2020June 1, 2020September 30, 2020
May 2, 2020June 1, 2020September 30, 2020
	(To record sales)
May 2, 2020June 1, 2020September 30, 2020
	(To record cost of goods sold)
May 2, 2020June 1, 2020September 30, 2020