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Ivanhoe Company manufactures equipment. Ivanhoe's products range from simple automated machinery to complex systems containing numerous components. Unit selling prices range from $$290,000$ to $$1,690,000,$ and are quoted inclusive of installation. The installation process does not involve changes to the features of the equipment to perform to specifications. Ivanhoe has the following arrangement with Kingbird Inc.

Kingbird purchases equipment from Ivanhoe on May $2,2023,$ for a price of $$988,000$ and contracts with Ivanhoe to install the equipment. Ivanhoe charges the same price for the equipment irrespective of whether it does the installation or not. Using market data, Ivanhoe determines that the installation service is estimated to have a fair value of $$52,000.$ The cost of the equipment is $$600,000.$

Kingbird is obligated to pay Ivanhoe the $$936,000$ on delivery of the equipment and the balance on the completion of the installation.

Ivanhoe 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.

$($a$)$

Allocate the transaction price of $$988\mathrm{.}000$ among the performance obligations of the contract. Assume Ivanhoe follows IFRS. $($Round percentage allacations to $2$ decimal places, e$.12\mathrm{.}25\%$ and final answers to $0$ decimal places, eg$.5\mathrm{.}275.)$

Delivery equipment $ $$

Installation

$ $$

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$($b$)$