View Policies Current Attempt in Progress Crane Company sells goods that cost $275,000 to Paul Company for $430,000 on January 2, 2023. The sales price includes an installation fee, which is valued at $35,200. The fair value of the goods is $404,800. The goods were delivered on March 1, 2023. Installation is considered a separate performance obligation and was completed on June 18, 2023. Under the terms of the contract, Paul pays Crane $267,000 on delivery of the goods and the balance at the completion of the installation. (a) Using the five-step process for revenue recognition, determine when and how much revenue would be recognized by Crane. Assume IFRS is followed. (Round percentage allocations to 2 decimal places, 15.25% and final answers to O decimal places, e.g. 5,275.) Performance Obligation Deliver goods When? How much? SUPPORT

Crane Company sells goods that cost $275,000 to Paul Company for $430,000 on January 2,2023 . The sales price includes an installation fee, which is valued at $35,200. The fair value of the goods is $404,800. The goods were delivered on March 1, 2023. Installation is considered a separate performance obligation and was completed on June 18, 2023. Under the terms of the contract, Paul pays Crane $267,000 on delivery of the goods and the balance at the completion of the installation. (a) Using the five-step process for revenue recognition, determine when and how much revenue would be recognized by Crane. Assume IFRS is followed. (Round percentage allocations to 2 decimal places, 15.25% and final answers to 0 decimal places, eg. 5,275.)