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Carla Company sells goods that cost $487,500 to Norris Company for $586,500 on January 2,2020...

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Accounting

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Carla Company sells goods that cost $487,500 to Norris Company for $586,500 on January 2,2020 . The sales price includes an installation fee. which is valued at $57,000. The fair value of the goods is $529,500. The installation is considered a separate performance obligation and is expected to take 6 months to complete. Carla prepares an income statement for the first quarter of 2020, ending on March 31, 2020 (installation was completed on June 18.2020). How much revenue should Carla recognize related to its sale to Norris

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