Ivanhoe Company sells goods that cost $250,000 to Bridgeport Company for $400,000 on January 2, 2020. The sales price includes an installation fee, which is valued at $41,000. The fair value of the goods is $369,000. 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, Bridgeport Company pays Ivanhoe $261,000 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 $ Installation June 18, 2020 Total $ e Textbook and Media List of Accounts Your answer is partially correct. 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 Ofor the amounts. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Credit 020 No Entry 0 No Entry 0 20 Accounts Receivable 98000 Cash 261000 Sales Revenue (To record sales) 20 Cost of Goods Sold 250000 Inventory 250000 (To record cost of goods sold) 20 Cash Accounts Receivable Service Revenue