E 18-12 (L03) (Allocate Transaction Price) Shaw Company sells gods that cost S30000 to Ricard Company for $410,000 on January 2, 2017. The sales price includes an installation fee, which has a standalone selling price of $40,000. The standalone sell- ing price of the goods is $370,000. The installation is considered a separate performance obligation and is expected to take 6 months to complete. Instructions Prepare the journal entries (if any) to record the sale on January 2,2017 Shaw prepares an income statement for the first quarter of 2017, ending on March 31, 2017 (installation was completed on June 18, 2017).How much revenue should Shaw recognize related to its sale to Ricard? (a) (b)