Sheffield Company manufactures equipment. Sheffield's products range from simple automated machinery to complex systems containing numerous components. Unit selling prices range from $200,000 to $1,500,000 and are quoted inclusive of installation. The installation process does not involve changes to the features of the equipment and does not require proprietary information about the equipment in order for the installed equipment to perform to specifications. Sheffield has the following arrangement with Winkerbean Inc. . Winkerbean purchases equipment from Sheffield for a price of $930,000 and contracts with Sheffield to install the equipment. Sheffield charges the same price for the equipment irrespective of whether it does the installation or not. Using market data, Sheffield determines installation service is estimated to have a standalone selling price of $46,000. The cost of the equipment is $560,000. Winkerbean is obligated to pay Sheffield the $930,000 upon the delivery and installation of the equipment. Sheffield delivers the equipment on June 1, 2020, and completes the installation of the equipment on September 30, 2020. The equipment has a useful life of 10 years. Assume that the equipment and the installation are two distinct performance obligations which should be accounted for separately. Prepare the journal entries for Sheffield for this revenue arrangement on June 1, 2020 and September 30, 2020, assuming Sheffield receives payment when installation is completed. (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.) Date Jun. 1.2020 Sep. 30, 2020 Account Titles and Explanation (To record sales) (To record cost of goods sold) (To record service revenue) (To record payment received) Debit Credit