Sheridan Company manufactures products ranging 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 inatallation process does not involve thanges to the features uf the equipment and does not require proprietary information about the equipment in order for the instalied equipment to perform to specifications. Sheridan has the following arrangement with Sunny lnc. - Sunwy purchases equipment from Sheridan for a price of $916,500 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 installation service is estimated to have a standalone selling price of $58,500. The cost of the equipment. is $630,000. - Sunny is obligated to pay Sheridan the $916,500 upon the delivery of the equipment. Sheridan delivers the equipment on June 1.2025, and completes the installation of the equipment on September 30, 2025. The equipment has a useful life of 10 years. Assume that the equipment and the installation are two distinct performance obligations Which shoeld be accounted for separately. Prepare the joumal entries for Sheridan for this revenue arrangement on June 1,2025 and 5 eptember 30,2025,35 suming Sheridan 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 0 for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem, Round answers to 0 decimal places, e.g. 5,275,1 Question 6 of 6 (To record sales) (To record cost of guods sold) eTextbook and Media List of Accounts Swe for Later Attempts: 0 of 3 used Submit Anwwer