Wildhorse Company manufactures equipment Wildhorse's products range from simple automated machinery to complex systems containing numerous components. Unit selling prices range from $215,000 to $1.520,000, and are quoted indusive of installation. The installation process does not involve changes to the features of the equipment to perform to specifications. Wildhorse has the following arrangement with Winkerbean Inc Winkerbean purchases equipment from Wildhorse on May 2, 2020, for a price of $960,000 and contracts with Wildhorse to install the equipment Wildhorse charges the same price for the equipment irrespective of whether it does the installation or not. Using market data, Wildhorse determines that the installation service is estimated to have a fair value of $40,000. The cost of the equipment is $700,000 Winkerbean is obligated to pay Wildhorse the $920.000 upon delivery of the equipment and the balance on the completion of the installation Wildhorse 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, Wildhorse 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. X Your answer is incorrect. Allocate the transaction price of $960,000 among the performance obligations of the contract. Assume Wildhorse follows IFRS. (Round percentage allocations to 2 decimal places, eg. 12.25 and final answers to decimal places, eg. 5,275.) Delivery equipment $ 931,200 Installation $ 28.800 e Textbook and Media List of Accounts Prepare any journal entries for Wildhorse 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 for the amounts. Record joumal entries in the order presented in the problem.) Date Account Titles and Explanation Debit May 2.2020 No Entry 0 No Entry June 1, 2020 Accounts Receivable 11.200 Cash 920.000 Sales Revenue To record sales) June 2020 Cost of Goods Sold 700.000 Inventory (To record cost of goods sold) Cash 40.000 September 30, 2020 Accounts Receivable Service Revenue