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Shecidan Windows manufactures and sells custom storm windows for porches. Sheridan also provides installation service for the windows. The installation process does not involve changes

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Shecidan Windows manufactures and sells custom storm windows for porches. Sheridan also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Sheridan enters into the following non-cancellable contract on July 1,2023, with a local homeowner. The customer purchases windows for a price of $3,150 and chooses Sheridan to do the installation. Sheridan charges the same price for the windows regardless of whether it does the installation or not. The price of the installation service is estimated to have a fair value of $737. The customer pays Sheridan $2,613 (which equals the fair value of the windows, which have a cost of $2,600 ) on delivery and the remaining balance on installation of the windows. The windows are delivered on September 1,2023, Sheridan completes installation on October 15 , 2023, and the customer pays the balance due. Using the five-step process for revenue recognition, determine when and how much revenue would be recognized by Sheridan. Assume Sheridan follows IFRS. (Round percentage allocations to 2 decimal ploces, 15.25% and final answers to 0 decimal places, eg. 5,275 )

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