Question 2 of 5 < View Policies Show Attempt History Current Attempt in Progress V 0/1 Cullumber Company manufactures equipment. Cullumber's products range from simple automated machinery to complex systems containing numerous components. Unit selling prices range from $250,000 to $1,590.000, and are quoted inclusive of installation. The installation process does not involve changes to the features of the equipment to perform to specifications. Cullumber has the following arrangement with Ivanhoe Inc. Ivanhoe purchases equipment from Cullumber on May 2, 2023, for a price of $1,146,000 and contracts with Cullumber to install the equipment. Cullumber charges the same price for the equipment irrespective of whether it does the installation or not. Using market data, Cullumber determines that the installation service is estimated to have a fair value of $54,000. The cost of the equipment is $500,000. Ivanhoe is obligated to pay Cullumber the $1,092,000 on delivery of the equipment and the balance on the completion of the installation. Cullumber 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. Question 2 of 5 < > 0/1 Cullumber 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) (b) Your Answer Correct Answer (Used) Allocate the transaction price of $1,146,000 among the performance obligations of the contract. Assume Cullumber follows IFRS. (Round percentage allocations to 2 decimal places, e.g. 12.25% and final answers to O decimal places, e.g. 5,275.) Delivery equipment Installation 1,094,430 51.570 TUT Prepare any journal entries for Cullumber on May 2, June 1, and September 30, 2023. (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. List all debit entries before credit entries.) Date May 2, 2023 May 2, 2023 June 1, 2023 September 30, 2023 September 30, 2023 Account Titles and Explanation (To record sales) Debit Question 2 of 5 < A (To record sales) (To record cost of goods sold) eTextbook and Media 0/1 E