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Crane Company sells on credits goods to Richard Company for $409,000 on January 2, 2020. The sales price includes an installation fee, which has
Crane Company sells on credits goods to Richard Company for $409,000 on January 2, 2020. " The sales price includes an installation fee, which has a cost of $25,000 and the company applies a 50% markup. The standalone selling price of the goods is $371,500, the cost is 180,500. The installation is considered a separate performance obligation and is expected to take 6 months to complete. Prepare the journal entries (if any) to record the sale on January 2, 2020
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