Oriole Company manufactures equipment. Oriole$$s products range from simple automated

machinery to complex systems containing numerous components. Unit selling prices range from

$$260,000$ to $$1,650,000,$ and are quoted inclusive of installation. The installation process does

not involve changes to the features of the equipment to perform to specifications. Oriole has the

following arrangement with Whispering Winds Inc.

$$ Whispering Winds purchases equipment from Oriole on May $2,2023,$ for a price of

$$984,000$ and contracts with Oriole to install the equipment. Oriole charges the same

price for the equipment irrespective of whether it does the installation or not. Using

market data, Oriole determines that the installation service is estimated to have a fair

value of $$41,000.$ The cost of the equipment is $$500,000.$

$$ Whispering Winds is obligated to pay Oriole the $$943,000$ on delivery of the equipment

and the balance on the completion of the installation.

Oriole delivers the equipment on June $1,2023,$ and completes the installation of the equipment

on September $30,2023.$ Assume that the equipment and the installation are two distinct

performance obligations that should be accounted for separately.

Allocate the transaction price of $$984,000$ among the performance obligations of the

contract. Assume Oriole follows IFRS. $($Round percentage allocationsto $2$ decimal places