Smith Company is an established manufacturer of equipment used in the automotive industry. Unit selling prices are quoted inclusive of installation and training. The installation process does not involve changes to the features of the equipment and does not require proprietary information about the equipment for the installed equipment to perform to specification, 20p August 1--Jones Company signs an agreement to purchase equipment from Smith for a price of $1,000,000 and chooses Smith to do the installation. Smith charges the same price for equipment irrespective of whether it does the installation or not. Some companies do the installation themselves because they either prefer their own employees to do the work or because of relationships with other customers The cost of the equipment is $500,000. The installation service included in the arrangement is estimated to have a standalone selling price of $40,000. The standalone selling price of the training sessions is estimated at $60,000. Other companies can also perform these training services. The $1,000,000 is paid when the installation of the equipment is complete. September 1--Smith delivers the equipment. November 1--Smith completes the installation of the equipment Training related to the equipment begins and lasts for one year. Instructions: (a) Determine the amount of the $1,000,000 contract that should be allocated to each performance obligation (b) Record the journal entries that would be required by Smith Company at