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How much revenue would be recognized by oriole

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Oriole Company sells goods that cost $290,000 to Cheyenne Company for $445,000 on January 2, 2020. The sales price includes an installation fee, which is valued at $36,400. The fair value of the goods is $418,600. 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, Cheyenne Company pays Oriole $265,000 upon delivery of the goods and the balance at the completion of the installation.

Problem 1: Using the five-step process for revenue recognition, determine when and how much revenue would be recognized by Oriole. Assume IFRS is followed.

Reference no: EM132725913

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