State the amount of revenue that should be recognised by Nanscawen Ltd in the year ended 31 December 2026 for each item below, justifying your answer by reference to the revenue defi¬nition and recognition criteria in IAS 18/AASB 118. Prepare any journal entries where necessary:

(a) Nanscawen Ltd’s net credit sales for 2026 were \($400\) 000, 75% of which were collected in 2026. Past experience indicates that about 96% of all credit sales are eventually collected.

(b) Nanscawen Ltd received \($100\) 000 cash from a customer in December 2026 as payment for special-purpose machinery which is to be manufactured and shipped to the customer in February 2027.

(c) Nanscawen Ltd started renting out its excess warehouse space on 1 October 2026, on which date it received \($12\) 000 cash from the tenant for 6 months rent in advance. Ignore GST.

(d) Nanscawen Ltd received 10 000 shares in Sarah Ltd on 20 December 2026, on which date the shares were trading at \($4.50\) per share, as a gift from a grateful client.

(e) Nanscawen Ltd received an item of equipment as settlement for goods sold on credit for \($3000\). On the date of the sale, the equipment had a fair value of \($3200\) and a carrying amount in the customer’s records of \($2200\). Prepare also the journal entry to record the receipt of the equip¬ment. Ignore GST.