Wildhorse Company sells goods that cost $$300,000$ to Jack Company for $$420,000$ on January $2,2023.$ The sales price includes an installation fee, which is valued at $$43,000.$ The fair value of the goods is $$387,000.$ The goods were delivered on March $1,2023.$ Installation is considered a separate performance obligation and was completed on June $18\mathrm{.}2023.$ Under the terms of the contract, Jack pays Wildhorse $$279,000$ on delivery of the goods and the balance at the completion of the installation.

$($a$)$

Your answer is correct.

Using the five$-$step process for revenue recognition, determine when and how much revenue would be recognized by Wildhorse. Assume IFRS is followed. $($Round percentage allocations to $2$ decimal places, $15\mathrm{.}25\%$ and final answers to $0$ decimal places, e $,5,275.)$

Performance Obligation

When?

Deliver goods

Installation

Total

eTextbook and Media

List of Accounts

$($b$)$

Prepare the journal entries for Wildhorse on January $2.$ March $1,$ and June $18,2023.$ Credit account titles ore automatically indented when the amount is entered. Do not indent manually, If no entry is required, seicet" $"$No Encry" far the account titles and enter O for

Date

Account Titles and Explanation

Debit

Attempts: $2$ of $3$ used

How much?

s

June $18,2023,Y$