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Shaw Company sells goods that cost $321,000 to Ricard Company for $438,700 on January 2, 2014. The sales price includes an installation fee, which is

Shaw Company sells goods that cost $321,000 to Ricard Company for $438,700 on January 2, 2014. The sales price includes an installation fee, which is valued at $42,800. The fair value of the goods is $395,900. The installation is considered a separate performance obligation and is expected to take 6 months to complete.

Prepare the journal entry to record the sale on January 2, 2014.

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