Sunland Company manufactures equipment. Sunland's products range from simple automated machinery to complex systems containing numerous components. Unit selling prices range from $215,000 to $1.550,000, and are quoted inclusive of installation The installation process does not involve changes to the features of the equipment to perform to specifications Sunland has the following arrangement with Winkerbean Inc. Winkerbean purchases equipment from Sunland on May 2, 2020, for a price of $1,010,500 and contracts with Sunland to install the equipment Sunland charges the same price for the equipment irrespective of whether it does the installation or not. Using market data, Sunland determines that the installation service is estimated to have a fair value of $64.500. The cost of the equipment is $500,000 Winkerbean is obligated to pay Sunland the $946.000 upon delivery of the equipment and the balance on the completion af the installation Sunland delivers the equipment on June 1 2020, and completes the installation of the equipment on September 30.2020. Assume that the equipment and the installation are two distinct performance obligations that should be accounted for separately Allocate the transaction price of $1,010,500 among the performance obligations of the contract. Assume Sunland follows IFRS. (Round percentage allocations to 2 decimal places, eg: 12.25 and final answers to decimal places, eg. 5,275) Delivery equipment $ Installation 5 eTextbook and Media List of Accounts Prepare any journal entries for Sunland on May 2. June 1, and September 30, 2020. (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 Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Cred e 1.2020 Accounts Receivable Sales Revenge tember 30, 2020 1010500 Service Reven Sales Revenue (To record sales) Cost of Good Son tember 30, 2020 Inventory (To record cost of goods sold)