Sheridan Company manufactures equipment. Sheridan's products range from simple automated machinery to complex systems containing numerous components. Unit selling prices range from $255,000 to $1,680,000, and are quoted inclusive of installation. The installation process does not involve changes to the features of the equipment to perform to specifications. Sheridan has the following arrangement with Splish Inc. Splish purchases equipment from Sheridan on May 2, 2023, for a price of $1,056,000 and contracts with Sheridan to install the equipment. Sheridan charges the same price for the equipment irrespective of whether it does the installation or not. Using market data, Sheridan determines that the installation service is estimated to have a fair value of $44,000. The cost of the equipment is $700,000. Splish is obligated to pay Sheridan the $1,012,000 on delivery of the equipment and the balance on the completion of the installation. Sheridan delivers the equipment on June 1, 2023, and completes the installation of the equipment on September 30, 2023. Assume that the equipment and the installation are two distinct performance obligations that should be accounted for separately. Your answer is correct. Allocate the transaction price of $1,056,000 among the performance obligations of the contract. Assume Sheridan follows IFRS. (Round percentage allocations to 2 decimal places, eg. 12.25% and final answers to O decimal places, e.g. 5,275.) Delivery equipment $ 1013760 Installation eTextbook and Media List of Accounts 42240 Attempts: 1 of 3 used Prepare any journal entries for Sheridan on May 2, June 1, and September 30, 2023. (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. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation (To record sales) Debit (To record sales) (To record cost of goods sold)