Wildhorse Company manufactures equipment. Wildhorse's products range from simple automated machinery to complex systems containing numerous components. Unit selling prices range from $200,000 to $1,500,000 and are quoted inclusive of ins the features of the equipment and does not require proprietary information about the equipment in order for the installed 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. Using mar estimated to have a standalone selling price of $52,000. The cost of the equipment is $660,000 Winkerbean is obligated to pay Wildhorse the $950,000 upon the delivery and installation of the equipment Wildhorse delivers the equipment on June 1, 2017, 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 obl How should the transaction price of $950,000 be allocated among the service obligations? (Do not round intermediate calculations. Round final answers to o decimal places.) Equipments Installations SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Prepare the journal entries for Wildhorse for this revenue arrangement on June 1, 2017 and September 30, 2017, assuming Wildhorse receives payment when installation is completed. (Credit account titles are automatically indented when the is required, select "No entry for the account tities and enter o for the amounts.) Date Account Titles and Explanation Debit Credit (To record sales) (To record cost of goods sold) (To record service revenue)