Crane Company sells goods that cost $417,000 to Norris Company for $586,500 on January 2, 2020. The sales price includes an installation fee, which is valued at $55,500. The fair value of the goods is $531,000. The installation is considered a separate performance obligation and is expected to take 6 months to complete.

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Prepare the journal entries (if any) to record the sale on January 2, 2020. (Credit account titles are automatically indented when 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.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 2, 2020	enter an account title to record sales on account on January 2, 2020	enter a debit amount	enter a credit amount
	enter an account title to record sales on account on January 2, 2020	enter a debit amount	enter a credit amount
	enter an account title to record sales on account on January 2, 2020	enter a debit amount	enter a credit amount
	(To record sales on account)
Jan. 2, 2020	enter an account title to record cost of goods sold on January 2, 2020	enter a debit amount	enter a credit amount
	enter an account title to record cost of goods sold on January 2, 2020	enter a debit amount	enter a credit amount
	(To record cost of goods sold)

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Crane 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 Crane recognize related to its sale to Norris?

First Quarter
Sales Revenue		$enter a dollar amount