Kieso, Intermediate Accounting, 16e Help I S NEXT Exercise 18-13 (Part Level Submission) manufactures equipment. Flint's products range from simple automated machinery to complex systems containing numerous components. Unit selling prices inclusive of installation. The installation process does not involve changes to the features of the equipment and does not require proprietary Winkerbean Inc. information about the equipment in order for the installed equipment to perform to specifications. Fint has the following arrangement Winkerbean gurchazes equipment from Flint for a price of $950,000 and contracts with Flint to instali the equipment. Fint charges the same ic fr heupment irrespective of whether it does the installation or not. Using market data, Filint determines installation service is $50,000. The cost of the equipment is $580,00o. estimated to have a standalone selling price of Winkerbean is obligated to pay Flint the $950,000 upon the delivery and installation of the equipment. Flint delivers the equipment on June 1, 2017, and completes the installation of the equipment on September 30, 2017. The equipment has a that the equipment and the installation are two useful life of 10 years distinct performance obligations which should be accounted for separately. Your answer is correct. nprice of $950,000 be allocated among the service obligations? (Do not round intermediate calculations. Round final answers to fo decimal places.) Equipment 9025 Installation 47500 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OE A CALCULATOR S Prepare the journal entries for Flint for this revenue arrangement on June 1, 2017 and September 30, 2017, assuming Flint receives pay completed. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no ent for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit (To record sales) ly (To record cost of goods sold) (To record service revenue) (To record payment recelved) Click if you would like to Show Work for this question: Open Show Work