Question 9 Teal Company manufactures equipment. Teal's products range from simple autamated machinery to.complex systems containing numerous components Unit selling prices range from $200 0O ta $ 1500o0 and are quoted inclusve a features af the equipment anddoes not require proprietary information about the equipment in order for the installed equipment to pertonm to specitications Teal has the folloswing arrangement with Winorbean Inc of installation The installation process does not invale changes to the .Winkerboan purchases equipment fram Teal far a price af $ 940 0XNDand contracts with Teal to inatall the equipment Teal charges the same price for the equipment irrespective of whether it does the installation or not Using markot data Teal determines installation service is estimated to have a standalane selling price oS5.000. The cost of the equipmentis $ 630,000. Winkerbean isabligated topay Teal the 5940,000 upon the delivery a and installationof the equipment Teal delivers the equipment on June 1,2017, andcompletes the installation of the equipment on September 30,2017. The equipment has a useful life of 10 years. Assume t het te equipment and the installation are twodistinct performance obigations chshoukl be accounted for seperately How should the transaction prize of $940,000 be alocated amonz theservice oblizations? (Do not round intamediate onlculations. Round final answers to O decimal places ound final anawers to O decimal places Equipment List of Accounts Prepare e curna entries or Teal or s revenue arrange er t on une 1 entry for the account titles and enter Ofor the amounts 17 and September 30, 2 17, assuming Tea rece, ves payment when installation s completed re co n es ar au oma al yn en a w en eannur sent red. o not m ent mo a y no er yts re qura s ect Date Account Titles and Explanatio Debit Credit To record sales) To record cost of goods sold) To record service revenue)