Wildhorse Company manufactures equipment. Wildhorses products range from simple automated machinery to complex systems containing numerous components. Unit selling prices range from $100,000 to $1,600,000, and are quoted inclusive 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 for a price of $950,000 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. The cost of the equipment is $800,000. Winkerbean is obligated to pay Wildhorse the $950,000 upon delivery and installation of the equipment. Wildhorse delivers the equipment and completes the installation of the equipment on September 30, 2017. The equipment has a useful life of 10 years. Assume that the equipment and the installation are two distinct performance obligations that should be accounted for separately. Wildhorse does not have market data with which to determine the standalone selling price of the installation services. As a result, an expected cost plus margin approach is used. The cost of installation is $52,000; Wildhorse prices these services with a 25% margin relative to cost. How should the transaction price of $950,000 be allocated among the service obligations? (Round intermediate calculations to 4 decimal places, e.g. 0.1234. Round final answers to 0 decimal places, e.g. 5,275.) Equipment $ Installation $ SHOW LIST OF ACCOUNTS Prepare the journal entries for Wildhorse for this revenue arrangement in 2017, assuming Wildhorse 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. Round answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit September 30, 2017 (To record sales.) September 30, 2017 (To record cost of goods sold.)