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Pharoah Company manufactures equipment. Pharoah's products range from simple automated machinery to complex systems containing numerous components. Unit selling prices range from $200,000 to $1,700,000, and are quoted inclusive of installation. The. installation process does not involve changes to the features of the equipment to perform to specifications. Pharoah has the following arrangement with Coronado inc - Coronado purchases equipment from Pharoah on May 2, 2023, for a price of $988,000 and contracts with Pharoah to install the equipment. Pharoah charges the same price for the equipment irrespective of whether it does the installation or not. Using market data. Pharoah determines that the installation service is estimated to have a fair value of $52.000. The cost of. the equipment is $500,000. - Coronado is obligated to pay Pharoah the $936,000 on delivery of the equipment and the balance on the completion of the installation. Pharoah delivers the equipment on June 1,2023, and completes the installation of the equipment on September 30, 2023. Assume. that the equipment and the installation are two distinct performance obligations that should be accounted for separately. Your answer is correct. Allocate the transaction price of $988,000 among the performance obligations of the contract. Assume Pharoah follows IFRS. (Round percentage allocotions to 2 decimol places, es. 12.25% and final answers to 0 decimal places, eg. 5.275) Delivery equipment Installation List of Accounts Prepare any journal entries for Pharoah on May 2, June 1, and September 30, 2023. (Credit occount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) (To record sales) (To record cost of goods sold)

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