shaw Company sold a piece of machinery to Ricard Company for $750,000 April 2, 2017. The sales price included installation and a one-year maintenance service. The standalone selling price of the machinery and installation is $708,400. Th service is considered a separate performance obligation and has a standalone price of $61,600. e maintenance

Shaw Company sold a piece of machinery to Ricard Company for $750,000 on April 2, 2017. The sales price included installation and a one-year maintenance service The standalone selling price of the machinery and installation is $708,400. The maintenance service is considered a separate performance obligation and has a standalone price of $61,600. Required: 1. How should the transaction price be allocated among the performance obligations? 2. Prepare the journal entry to record the sale on January 2, 2017 3. Assume Shaw Company has a December 31 year-end, prepare any necessary year-end entry related to the sale of the machinery