Master Grill Company sells outdoor grilling products, providing gas and charcoal grills, accessories, and installation services for custom patio grilling stations.

Master Grill offers contract MG100 which is comprised of a free-standing gas grill for small

patio use plus installation to a customers gas line for a total price $950. On a standalone basis,

the grill sells for $800 (cost $470), and Master Grill estimates that the fair value of the

installation service is $200. Master Grill signed 15 MG100 contracts on May 30, 2021, and

customers paid the contract price in cash. The grills were delivered and installed on June 15,

2021.

Instructions:

1. Allocate the transaction price to the performance obligations.
2. Prepare journal entries for Master Grill for MG100 in May and June 2021.