Cullumber Company sells goods that cost $285,000 to Bramble Company for $420,000 on January 2, 2020. The sales price includes an installation fee, which is valued at $30,100. The fair value of the goods is $399,900. The goods were delivered on March 1, 2020. Installation is considered a separate performance obligation and was completed on June 18, 2020. Under the terms of the contract, Bramble Company pays Cullumber $260,000 upon delivery of the goods and the balance at the completion of the installation.

Prepare the journal entries for Cullumber on January 2, March 1, and June 18, 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 entero for the amounts. Record journal entries in the order presented in the problem.) Debit Credit Account Titles and Explanation No Entry January 2, 2020 No Entry March 1, 2020 Accounts Receivable (To record sales) Cost of Goods Sold March 1, 2020 285,000 285 Inventory (To record cost of goods sold) June 18, 2020 30.100 View Policies Show Attempt History Current Attempt in Progress Cullumber Company sells goods that cost $285,000 to Bramble Company for $420,000 on January 2, 2020. The sales price includes an installation fee, which is valued at $30,100. The fair value of the goods is $399,900. The goods were delivered on March 1, 2020. Installation is considered a separate performance obligation and was completed on June 18, 2020. Under the terms of the contract, Bramble Company pays Cullumber $260,000 upon delivery of the goods and the balance at the completion of the installation. Your answer is partially correct. Using the five-step process for revenue recognition, determine when and how much revenue would be recognized by Cullumber. Assume IFRS is followed. (Round percentage allocations to 2 decimal places, 15.25 and final answers to decimal places, eg. 5,275.) Performance Obligation When? How much? Deliver goods March 1, 2020 $ Installation June 18, 2020 $ 30,100 Total $ 260.000 e Textbook and Media List of Accounts