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Wildhorse Company sells goods that cost $300,000 to Novak Company for $420,000 on January 2, 2020. The sales price includes an installation fee, which is valued at $43,000. The fair value of the goods is $387,000. 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, Novak Company pays Wildhorse $279,000 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 Wildhorse. Assume IFRS is followed. (Round percentage allocations to 2 decimal places, 15.25 and final answers to 0 decimal places, e.g. 5,275.)
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