Current Attempt in Progress Ivanhoe Company sells goods that cost $320,000 to Sarasota Company for $415,000 on January 2, 2020. The sales price includes an installation fee, which is valued at $42,500. The fair value of the goods is $382,500. 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, Sarasota Company pays Ivanhoe $271,000 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 Ivanhoe. Assume IFRS is followed. (Round percentage allocations to 2 decimal places, 15.25 and final answers to 0 decimal places, e.g. 5,275.) Performance Obligation When? How much? Deliver goods March 1, 2020 $ 382500 Installation June 18, 2020 32500 Total $ 415000 Prepare the journal entries for Ivanhoe 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 enter O for the amounts. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Credit January 2, 2020 V No Entry 0 No Entry March 1, 2020 Accounts Receivable 111500 Cash 271000 Sales Revenue 382500 (To record sales) March 1, 2020 Cost of Goods Sold 320000 Inventory 320000 (To record cost of goods sold) June 18, 2020 V Cash 144000 Accounts Receivable 111500 Service Revenue 32500