OrioleCompany sells goods that cost $290,000toCheyenneCompany for $445,000on January 2, 2020. The sales price includes an installation fee, which is valued at $36,400. The fair value of the goods is $418,600. 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,CheyenneCompany paysOriole$265,000upon delivery of the goods and the balance at the completion of the installation.

Using the five-step process for revenue recognition, determine when and how much revenue would be recognized byOriole. Assume IFRS is followed.