Ivanhoe Company sells goods that cost $293,000 to Ricard Company for $381,000 on January 2, 2017. The sales price includes an installation fee, which has a standalone selling price of $39,000. The standalone selling price of the goods is $342,000. The installation is considered a separate performance obligation and is expected to take 6 months to complete.

(a). Prepare the journal entry (if any) to record the sale on January 2, 2017.

Date Account Titles and Explanation. Debit. credit

Jan 2 2017. ( there are 3 places for entries)

Jan 2 2017. ( there are 2 places for entries, five in all to complete this part)

(b). Ivanhoe 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 Ivanhoe recognize related to its sale to Ricard?

First Quarter

Sales Revenue. $

Cost of Goods Sold. $

Gross Profit. $

Please help!!!!