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Carla Vista Company sells goods that cost $255,000 to Martinez Company for $405,000 on January...

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Carla Vista Company sells goods that cost $255,000 to Martinez Company for $405,000 on January 2, 2020. The sales price includes an installation fee, which is valued at $33,200. The fair value of the goods is $381,800. The goods were delivered on March 1, 2020. Installation is considered a separate performance obligation and was completed on June 18, 2020. Under the terms of the contract, Martinez Company pays Carla Vista $261,000 upon delivery of the goods and the balance at the completion of the installation. (a) Using the five-step process for revenue recognition, determine when and how much revenue would be recognized by Carla Vista. Assume IFRS is followed. (Round percentage allocations to 2 decimal places, 15.25 and final answers to 0 decimal places, e.g. 5,275.) When? How much? Performance Obligation Deliver goods $ Installation Total $ $

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