Current Attempt in Progress Oriole Company sells goods that cost $320,000 to Sheffield Company for $435,000 on January 2, 2020. The sales price includes an installation fee, which is valued at $35,600. The fair value of the goods is $409,400. 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, Sheffield Company pays Oriole $257,000 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 Oriole, Assume IFRS is followed (Round percentage allocations to 2 decimal places, 15.25 and final answers to O decimal places, es. 5,275.) Performance Obligation When? How much! Deliver goods March 1, 2020 $ 409400 Installation June 18, 2020 25600 Total $ 435.000 Prepare the journal entries for Oriole 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 for the amounts. Record journal entries in the order presented in the problem) Account Titles and Explanation Debit 2020 No Entry Credit No Entry 2020 Cash 257000 154267 Accounts Receivable 102733 Sales Revenue (To record sales) Cost of Goods Sold 320.000 2020 320.000 Inventory (To record cost of goods sold) Cash 178000 2020 154267 Accounts Receivable 23733 Service Revenue