Flint Company manufactures equipment. Flint's products range from simple automated machinery to complex systems containing numerous components. Unit selling prices range from s200,000 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 proprictary information about the cquipment in order for the installed equipment to perform to specifications. Flint has the following arrangement with Winkerbean Inc. Winkerbean purchases equipment from Flint for a price of $950,000 and contracts with Flint to install the equipment. Flint charges the samc price for the cquipment irrespective of whether it docs the installation or not. Using market data, Flint determines installation service is estimated to have a standalone selling price of S50,000. The cost of the equipment is $580,000 Winkerbean is obligated to pay Flint the $950,000 upon the delivery and installation of the equipment. . . r int delivers the equipment on June 1 2017 and completes the installation of the equipment on September 3 are two distinct performance obligations which should be accounted for separately. 2 The equipment has a seru e10 years. Ass me that e equipment and e installation Your answer is correct. How should the transaction price of $950,000 be allocated among the service obligations? (Do not round intermediate calculations. Round final answers to 0 decimal places. Equipment Installation 902500 47500 Click if you would like to Show Work for this question: Open Show Work ST OT ACCOUNTS LINK TO TEXT LINK TO TEXT Attempts: 2 of 10 used Prepare the journal entries for Flint for this revenue arrangement on June 1, 2017 and September 30, 20 completed. (Credit account titles are automatically indented when the amount is entered. Do no for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit (To record sales) To record cost of goods sold) To record service revenue) To record payment received)