Pharoah Company sells goods that cost $320,000 to Flounder Company for $405,000 on January 2, 2020. The sales price includes an installation fee, which is valued at $33,200. The fair value of the goods is $381,800. 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, Flounder Company pays Pharoah $262,000 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 Pharoah. Assume IFRS is followed. (Round percentage allocations to 2 decimal places, 15.25 and final answers to O decimal places, e.g. 5,275.) Performance Obligation Deliver goods When? How much? March 1, 2020 $ 262000 Installation Total June 18, 2020 V 143000 405000. Prepare the journal entries for Pharoah 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 O for the amounts. Record journal entries in the order presented in the problem.) Account Titles and Explanation January 2, 2020 No Entry January 2. 2020 March 1, 2020 No Entry Accounts Receivable Cash Sales Revenue (To record sales) Cost of Goods Sold Inventory Debit 405000 320000 0 Cr March 1, 2020 Cash Sales Revenue (To record sales) Cost of Goods Sold June 18, 2020 Inventory (To record cost of goods sold) Cash Accounts Receivable Service Revenue 320000 143000