Current Attempt in Progress Ivanhoe Company manufactures equipment. Ivanhoe's products range from simple automated machinery to complex systems containing numerous components. Unit selling prices range from 200,000 to 1,500,000 and are quoted inclusive of installation. The installation process does not involve changes to the features of the equipment and does not require proprietary information about the equipment in order for the installed equipment to perform to specifications. Ivanhoe has the following arrangement with Winkerbean SA. . Winkerbean purchases equipment from Ivanhoe for a price of 980,000 and contracts with Ivanhoe to install the equipment. Ivanhoe charges the same price for the equipment whether it does the installation or not. Using market data, Ivanhoe determines installation service is estimated to have a standalone selling price of 48,000. The cost of the equipment is 630,000. . Winkerbean is obligated to pay Ivanhoe the 980,000 upon the delivery and installation of the equipment. Ivanhoe delivers and installs the equipment on September 30, 2022. The equipment has a useful life of 10 years. Assume that the equipment and the installation are two distinct performance obligations which should be accounted for separately. (a) How should the transaction price of 980,000 be allocated among the service obligations? (Round intermediate calculations to 5 decimal places, e.g. 5.13246 and final answers to 0 decimal places, e.g. 5,125.) Equipment Installation