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.

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 0 decimal places, e.g. 5,275.)

Performance Obligation		When?		How much?
Deliver goods		choose a transaction date ( January 2, 2020March 1, 2020June 18, 2020	)
Installation		choose a transaction date (January 2, 2020March 1, 2020June 18, 2020)

total

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 0 for the amounts. Record journal entries in the order presented in the problem.)

	Account Titles and Explanation	Debit	Credit
choose a transaction date (June 18, 2020January 2, 2020March 1, 2020)	enter an account title		enter a credit amount
	enter an account title		enter a credit amount
choose a transaction date January 2, 2020June 18, 2020March 1, 2020	enter an account title to record sales		enter a credit amount
	enter an account title to record sales		enter a credit amount
	enter an account title to record sales		enter a credit amount
	(To record sales)
choose a transaction date January 2, 2020March 1, 2020June 18, 2020	enter an account title to record cost of goods sold		enter a credit amount
	enter an account title to record cost of goods sold		enter a credit amount
	(To record cost of goods sold)
choose a transaction date March 1, 2020June 18, 2020January 2, 2020	enter an account title		enter a credit amount
	enter an account title		enter a credit amount
	enter an account title		enter a credit amount