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Wildhorse Company manufactures equipment. Wildhorse's products range from simple automated machinery to complex systems containing numerous components. Unit selling prices range from $215.000 to $1,520,000, and are quoted inclusive of installation. The installation process does not imvolve changes to the features of the equipenent to perform to spedifications. Wildhorse has the following arrangement with indigo inc, - Indigo purchases equipment from Wildhorse on May 2, 2023, for a price of 5960,000 and contracts with Wildhorse to instalf the equipment. Wildhorse charges the same price for the equipment irrespective of whether it does the installation or not. Using market data, Wilchorse determines that the installation service is estimated to hive a fair value of $40,000. The cost of the equipment is $700,000. Indigo is obligated to pay Wildhorse the $920,000 on delivery of the equipment and the balance on the completion of the installation. Wildhorse delivers the equipment on June 1, 2023, and conpletes the installation of the equipment con Septeraber 30,2022 Assume that the equipment and the installation are two distinct performance obligaticns that should be iccounted for separately Allocate the transaction price of $960,000 among the performance obligations of the contract. Assume Wildharsa follows IfRS. (Round percentage allocations to 2 decimal places, eg. 12.25% and final answers to 0 decimal places, eg. 5.275. Delivery equipment Installation 5 Attempts 2 of 2 used Question 5 of 6 0.34/1: Account Titles and Explanation Debit Credit Accounts Receivable \begin{tabular}{|r|r|} \hline 11200 \\ \hline \end{tabular} Cash Sales Revenue (To record sales) Cost of Goods Sold Question 5 of 6 (To record cost of goods sold) Accounts Receivable Service Revenue eTextbook and Media List of Accounts SWV forlister Attempts: 1 of 2 used Suboir Anwiver